Company Registration No. 08097539 (England and Wales)
BRITISH SCHOOLS IN THE MIDDLE EAST
A COMPANY LIMITED BY GUARANTEE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
BRITISH SCHOOLS IN THE MIDDLE EAST
A COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BRITISH SCHOOLS IN THE MIDDLE EAST
A COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 AUGUST 2021
31 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
21,341
Current assets
Debtors
5
273,047
112,501
Cash at bank and in hand
308,037
552,606
581,084
665,107
Creditors: amounts falling due within one year
6
(3,091)
(371,177)
Net current assets
577,993
293,930
Net assets
577,993
315,271
Reserves
Income and expenditure account
577,993
315,271
Members' funds
577,993
315,271
BRITISH SCHOOLS IN THE MIDDLE EAST
A COMPANY LIMITED BY GUARANTEE
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2021
31 August 2021
- 2 -
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 May 2022 and are signed on its behalf by:
Ms O Roth
Director
Company Registration No. 08097539
BRITISH SCHOOLS IN THE MIDDLE EAST
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 3 -
1
Accounting policies
Company information
British Schools in the Middle East is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
c/o HJS Chartered Accountants, 12-14 Carlton Place, Southampton, Hampshire, England, SO15 2EA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income represents amounts receivable in respect of members subscriptions and services supplied to members, associate members and non members in the educational sector.
Income relating to annual subscriptions is recognised evenly throughout the year after which the invoice has been raised. Income relating to courses are recognised upon completion of the course.
Expenses are recognised as they become due and include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
Straight line over 3/4/5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets
.
A provision is made for any impairment loss and taken to the profit and loss account.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BRITISH SCHOOLS IN THE MIDDLE EAST
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company
only enters into basic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
surplus
or
deficit
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
surplus
or
deficit
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Taxation
The tax expense represents the sum of the tax currently payable
.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
BRITISH SCHOOLS IN THE MIDDLE EAST
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
2021
2020
Number
Number
Total
4
6
BRITISH SCHOOLS IN THE MIDDLE EAST
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 6 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 September 2020
88,460
88,460
Additions
2,353
2,353
4,706
Disposals
(2,353)
(90,813)
(93,166)
At 31 August 2021
Depreciation and impairment
At 1 September 2020
67,119
67,119
Depreciation charged in the year
4,637
4,637
Eliminated in respect of disposals
(71,756)
(71,756)
At 31 August 2021
Carrying amount
At 31 August 2021
At 31 August 2020
21,341
21,341
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Service charges due
73,651
Other debtors
273,047
6,626
Prepayments and accrued income
32,224
273,047
112,501
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
20,170
Accruals and deferred income
3,091
351,007
3,091
371,177
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.