St James's Group Limited Filleted accounts for Companies House (small and micro)

ST JAMES'S GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03662142

St James's Group Limited

Filleted Financial Statements

For the Year Ended

31 August 2020

St James's Group Limited

Statement of Financial Position

31 August 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	7,268	2,374

Current assets

Debtors	6	1,565,134	1,214,474
Cash at bank and in hand		589,436	489,113
		------------	------------
		2,154,570	1,703,587

Creditors: amounts falling due within one year	7	717,164	472,070
		------------	------------
Net current assets		1,437,406	1,231,517
		------------	------------
Total assets less current liabilities		1,444,674	1,233,891
		------------	------------
Net assets		1,444,674	1,233,891
		------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,444,672	1,233,889
	------------	------------
Shareholders funds	1,444,674	1,233,891
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 19 February 2021 , and are signed on behalf of the board by:

A P Frome

Director

Company registration number: 03662142

St James's Group Limited

Notes to the Financial Statements

Year Ended 31 August 2020

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Morston Claycliffe Office Park, Whaley Road, Barnsley, South Yorkshire, S75 1HQ.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure Exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government Grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 132 (2019: 197 ).

5. Tangible Assets

	Office equipment and furniture	Fixtures and fittings	Total
	£	£	£
Cost
At 1 September 2019	85,808	6,264	92,072
Additions	8,207	–	8,207
	--------	-------	---------
At 31 August 2020	94,015	6,264	100,279
	--------	-------	---------
Depreciation
At 1 September 2019	83,915	5,783	89,698
Charge for the year	2,832	481	3,313
	--------	-------	---------
At 31 August 2020	86,747	6,264	93,011
	--------	-------	---------
Carrying amount
At 31 August 2020	7,268	–	7,268
	--------	-------	---------
At 31 August 2019	1,893	481	2,374
	--------	-------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	8,234	104,734
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,470,846	1,100,900
Other debtors	86,054	8,840
	------------	------------
	1,565,134	1,214,474
	------------	------------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	2,009	3,272
Amounts owed to group undertakings and undertakings in which the company has a participating interest	299,361	299,361
Corporation tax	52,308	58,964
Social security and other taxes	278,475	93,753
Other creditors	66,056	498
Other creditors	18,955	16,222
	---------	---------
	717,164	472,070
	---------	---------

8. Summary Audit Opinion

The auditor's report for the year dated 19 February 2021 was unqualified.

The senior statutory auditor was Richard Williams BSc FCA , for and on behalf of Beever and Struthers .

9. Related Party Transactions

The company is a wholly owned subsidiary of Operam Education Group Limited. The company has taken advantage of the exemption in FRS 102 Section 33.1A from disclosing transactions or balances with entities which form part of the group. The consolidated financial statement of Operam Education Group Limited, within which the company is included, can be obtained from Companies House. No transactions with related parties were undertaken such as required to be disclosed under FRS 102.

10. Controlling Party

The company is a wholly owned subsidiary of TeachersUK Limited which is incorporated in Great Britain and registered in England and Wales. The largest group into which St James Group Limited is consolidated is that headed by Operam Education Group Limited. The company is not considered to be under the control of any one single shareholder.