Registered number:
OC352169
THE BELVEDERE PREPARATORY SCHOOL LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2021
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THE BELVEDERE PREPARATORY SCHOOL LLP
REGISTERED NUMBER:
OC352169
BALANCE SHEET
AS AT
31 AUGUST 2021
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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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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Members' capital classified as equity
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Other reserves classified as equity
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Loans and other debts due to members
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Page 1
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THE BELVEDERE PREPARATORY SCHOOL LLP
REGISTERED NUMBER:
OC352169
BALANCE SHEET
(CONTINUED)
AS AT
31 AUGUST 2021
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
5 April 2022
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The notes on pages 4 to 8 form part of these financial statements.
The Belvedere Preparatory School LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
Page 2
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THE BELVEDERE PREPARATORY SCHOOL LLP
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 AUGUST 2021
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Members' capital (classified as debt)
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Balance at 31 August 2020
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Balance at 31 August 2021
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The notes on pages 4 to 8 form part of these financial statements.
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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Page 3
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THE BELVEDERE PREPARATORY SCHOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
The Belvedere Preparatory School LLP is a limited liability partnership, which is incorporated and registered in England and Wales (no. OC352169). The address of the registered office is 3rd Floor, Castle Chambers, Castle Street, Liverpool, L2 9SH.
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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the LLP will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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.
Page 4
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THE BELVEDERE PREPARATORY SCHOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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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.
Depreciation is provided on the following basis:
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freehold property is not depreciated
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Enhancements to freehold property
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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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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. Work in progress and finished goods include labour and attributable overheads.
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.
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.
Page 5
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THE BELVEDERE PREPARATORY SCHOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
Accounting policies (continued)
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.
Defined benefit pension scheme
The LLP contributes to the Teachers' Pension Scheme which is a multi-employer defined benefit state pension scheme and it accounts for the scheme as a defined contribution scheme. Contribution rates are determined by the Teachers' Pension Scheme.
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The average monthly number of employees, including directors, during the year was
26
(2020 -
27
)
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Fixtures, fittings & computers
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Charge for the year on owned assets
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Page 6
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THE BELVEDERE PREPARATORY SCHOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
4.
Tangible fixed assets (continued)
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The net book value of land and buildings may be further analysed as follows:
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 7
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THE BELVEDERE PREPARATORY SCHOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
The entity contributes to the Teachers' Pension Scheme, a defined benefit pension scheme.
The assets of the scheme are held separately from those of the entity in an independently administered fund.
The pension cost charge represents contributions payable by the entity to the fund and amounted to £107,056 (2020:
£
101,733).
Contributions totalling £12,506 (2020:
£11,001) were payable to the fund at the balance sheet date.
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Related party transactions
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London Teaching Supply Ltd - Purchases from
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London Teaching Supply Ltd - Balance due to
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ABM Fire and Security Systems Limited - Purchases from
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ABM Fire and Security Systems Limited - Balance due to
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London Teaching Supply Ltd and ABM Fire and Security Systems Limited are companies controlled by W C Currie.
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The LLP is controlled by its members.
Page 8
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