Hurst Lodge Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01260285 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2018

for

Hurst Lodge Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Sir T B Smit

Ms V S Smit

SECRETARY:

Ms V S Smit

REGISTERED OFFICE:

Hawleyhurst School

Fernhill Road

Blackwater

Camberley

Surrey

GU17 9HU

REGISTERED NUMBER:

01260285 (England and Wales)

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

483,548

26,216

483,548

26,216

CURRENT ASSETS

Debtors

5

(417,068

)

151,204

Cash at bank

91,056

115,418

(326,012

)

266,622

CREDITORS

Amounts falling due within one year

6

1,506,450

490,896

NET CURRENT LIABILITIES

(1,832,462

)

(224,274

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,348,914

)

(198,058

)

CREDITORS

Amounts falling due after more than one year

7

-

(4,772

)

ACCRUALS AND DEFERRED INCOME

-

(78,349

)

NET LIABILITIES

(1,348,914

)

(281,179

)

CAPITAL AND RESERVES

Called up share capital

50

50

Retained earnings

(1,348,964

)

(281,229

)

SHAREHOLDERS' FUNDS

(1,348,914

)

(281,179

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 30 May 2019 and were signed on its behalf by:

Ms V S Smit - Director

Sir T B Smit - Director

1.	STATUTORY INFORMATION

Hurst Lodge Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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 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 Company 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Goodwill is being amortised over its useful life of 20 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

25% on cost

Financial instruments

The Company only enters into basic financial instruments 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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet

when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at

transaction price, unless the arrangement constitutes a financial transaction, where the

transaction is measured at the present value of the future receipts discounted at a market

rate of interest. Such assets are subsequently carried at amortised cost using the effective

interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with

financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and

loans from related parties, 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 payments discounted at a market rate of interest. Such

instruments are subsequently carried at amortised cost using the effective interest method,

less any impairment.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2017

and 31 August 2018

137,938

AMORTISATION

At 1 September 2017

and 31 August 2018

137,938

NET BOOK VALUE

At 31 August 2018

-

At 31 August 2017

-

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 September 2017

1,108,617

-

495,156

Additions

14,696

474,312

-

Disposals

-

-

10,397

At 31 August 2018

1,123,313

474,312

505,553

DEPRECIATION

At 1 September 2017

1,108,617

-

485,519

Charge for year

-

47,431

2,003

At 31 August 2018

1,108,617

47,431

487,522

NET BOOK VALUE

At 31 August 2018

14,696

426,881

18,031

At 31 August 2017

-

-

9,637

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2017

41,160

66,986

1,711,919

Additions

-

15,341

504,349

Disposals

-

-

10,397

At 31 August 2018

41,160

82,327

2,226,665

DEPRECIATION

At 1 September 2017

41,160

50,407

1,685,703

Charge for year

-

7,980

57,414

At 31 August 2018

41,160

58,387

1,743,117

NET BOOK VALUE

At 31 August 2018

-

23,940

483,548

At 31 August 2017

-

16,579

26,216

5.

DEBTORS

31.8.18

31.8.17

£

£

Amounts falling due within one year:

Trade debtors

-

138,051

Other debtors

29,167

13,766

29,167

151,817

31.8.18

31.8.17

£

£

Amounts falling due after more than one year:

Other debtors

(446,235

)

(613

)

Aggregate amounts

(417,068

)

151,204

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Bank loans and overdrafts

147

-

Trade creditors

473,005

127,424

Taxation and social security

-

75,474

Other creditors

1,033,298

287,998

1,506,450

490,896

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.18

31.8.17

£

£

Hire purchase contracts

-

4,772

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

-

4,772

8.	RELATED PARTY DISCLOSURES

Hurst Lodge Limited is a direct and fully owned subsidiary of Teedown Limited which, in turn, is

owned by Churchtown Futures Limited. In December 2017, Churchtown Futures Limited

purchased the entire share capital of Hawley Place School Limited and the trading activities

of Hurst Lodge Limited were physically moved from Ascot to the existing Hawley Place school

site at Blackwater, near Camberley. The trading activities and accounting systems were

merged in December 2017 such that there is a high degree of interdependence between

the two schools; consequently, the trading results of Hurst Lodge Limited should be reviewed

and regarded in association with those of Hawley Place School Limited for the year to 31

August 2018.

9.	GOING CONCERN

'The directors have relied upon assurances of continued support from investors and group

entities in their evaluation of the going concern position of the company and have

concluded that they consider the going concern basis of accounts preparation to be

appropriate in the circumstances.