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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 |
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PHILPOTS MANOR SCHOOL LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 |
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FOR |
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PHILPOTS MANOR SCHOOL LIMITED |
PHILPOTS MANOR SCHOOL LIMITED (REGISTERED NUMBER: 00773122) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 AUGUST 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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PHILPOTS MANOR SCHOOL LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 AUGUST 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Marlbridge House |
Enterprise Way |
Edenbridge |
Kent |
TN8 6HF |
PHILPOTS MANOR SCHOOL LIMITED (REGISTERED NUMBER: 00773122) |
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BALANCE SHEET |
31 AUGUST 2021 |
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31.8.21 | 31.8.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PHILPOTS MANOR SCHOOL LIMITED (REGISTERED NUMBER: 00773122) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 AUGUST 2021 |
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1. | STATUTORY INFORMATION |
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Philpots Manor School Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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The turnover shown in the profit and loss accounts represents revenue receivables on sales from educating and training children with special needs. |
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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. |
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Depreciation is provided on the following basis: |
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Land and buildings - 2% on cost |
Plant and machinery etc - 25% reducing balance |
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The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.. |
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Government grants |
Government grants are recognised under the accrual model. |
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Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
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Government grants include The Coronavirus Job Retention Scheme (CJRS), interest on a COVID Interruption Business Loan Scheme (CIBLS) and COVID testing grants. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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PHILPOTS MANOR SCHOOL LIMITED (REGISTERED NUMBER: 00773122) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The accounts have been prepared on a going concern basis as the directors believe that they will continue to operate within the overdraft facility. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PHILPOTS MANOR SCHOOL LIMITED (REGISTERED NUMBER: 00773122) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2021 |
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4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 September 2020 |
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Additions |
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Disposals |
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At 31 August 2021 |
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DEPRECIATION |
At 1 September 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 September 2020 |
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Additions |
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Disposals |
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At 31 August 2021 |
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DEPRECIATION |
At 1 September 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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PHILPOTS MANOR SCHOOL LIMITED (REGISTERED NUMBER: 00773122) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 August 2021 is represented by: |
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Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2014 | 2,090,187 | - | - |
Cost | 1,142,012 | 131,943 | 24,319 |
3,232,199 | 131,943 | 24,319 |
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Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Valuation in 2014 | - | - | 2,090,187 |
Cost | 252,099 | 136,569 | 1,686,942 |
252,099 | 136,569 | 3,777,129 |
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The property, including the improvements to property, was revalued on 22nd August 2014 at £3.3m in total. |
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Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 September 2020 |
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Additions |
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At 31 August 2021 |
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DEPRECIATION |
At 1 September 2020 |
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Charge for year |
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At 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Trade debtors |
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Other debtors |
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PHILPOTS MANOR SCHOOL LIMITED (REGISTERED NUMBER: 00773122) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts and finance leases (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Bank loans |
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Hire purchase contracts and finance leases (see note 8) |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Other loans more than 5 years |
non-instalment |
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Repayable by instalments |
Bank loans more than 5 years |
repayable by instalments | - | 19,500 |
- | 19,500 |
PHILPOTS MANOR SCHOOL LIMITED (REGISTERED NUMBER: 00773122) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2021 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts | Finance leases |
31.8.21 | 31.8.20 | 31.8.21 | 31.8.20 |
£ | £ | £ | £ |
Gross obligations repayable: |
Within one year |
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Between one and five years |
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Finance charges repayable: |
Within one year |
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Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
31.8.21 | 31.8.20 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.8.21 | 31.8.20 |
£ | £ |
Bank loans |
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The bank loans are repayable by equal monthly instalments. |
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The balance on the CBILS loan at the year end is £123,500 (2020: total bank loans outstanding £134,331) |
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The bank loan and overdraft are secured by a legal charge on the school buildings and a debenture over all assets of the company. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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