Registered Number:
06550120
ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
PAGES FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2019
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ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
REGISTERED NUMBER:
06550120
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BALANCE SHEET
AS AT
31 AUGUST 2019
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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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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 comprehensive income 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 November 2019
.
The notes on pages 2 to 5 form part of these financial statements.
- 1 -
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ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
Royal Hospital School Enterprises Limited is a private company limited by shares incorporated and registered in Engalnd and Wales. The registered office and principal place of business is Royal Hospital School, Holbrook, Ipswich, IP9 2RX.
The financial statements are presented in Sterling (£).
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 Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover comprises revenue recognised by the company in respect of services supplied during the period, exclusive of Value Added Tax. Revenue is recognised by reference to when the properties are let.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
- 2 -
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ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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.
The company pays 100% of its distributable profits for each financial period to The Royal Hospital School, as part of Greenwich Hospital, which is the company's parent entity. This liability is recognised when there is a legally binding obligation. There is a Deed of Covenant in place confirming the distribution to be made each year and therefore the amount is accrued at each period end and paid in the subsequent period. The movement is recognised as a distribution in the Statement of Changes in Equity.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
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The average monthly number of employees, including directors, during the year was 0
(2018 -
0
)
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Related party transactions
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During the year ended 31 August 2019, Royal Hospital School Enterprises recognised a donation payable to The Royal Hospital School of £629,247 (2018 - £447,529), of which £311,561 was paid in the year and the balance recognised as a creditor at the year end within Amounts owed to group undertakings..
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ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Raw materials and consumables
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Cash and cash equivalents
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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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- 4 -
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ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
The auditor's report on the financial statements for the year ended 31 August 2019 was unqualified.
The audit report was signed on
28 November 2019
by
Sharon Gravener
(Senior Statutory Auditor) on behalf of
Scrutton Bland LLP
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- 5 -
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