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Registration number: 08280311

Technology in Education Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 November 2021

 

Technology in Education Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Technology in Education Ltd

Company Information

Directors

Mr Robert Wild

Mr Christopher Monaghan

Registered office

266 Church Road
Fixton
Manchester
M41 6HJ

Accountants

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Technology in Education Ltd
for the Year Ended 29 November 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Technology in Education Ltd for the year ended 29 November 2021 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Technology in Education Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Technology in Education Ltd and state those matters that we have agreed to state to the Board of Directors of Technology in Education Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Technology in Education Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Technology in Education Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Technology in Education Ltd. You consider that Technology in Education Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Technology in Education Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

31 August 2022

 

Technology in Education Ltd

(Registration number: 08280311)
Balance Sheet as at 29 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

873

2,064

Current assets

 

Debtors

5

69

69

Cash at bank and in hand

 

15,198

12,804

 

15,267

12,873

Creditors: Amounts falling due within one year

6

(15,517)

(14,197)

Net current liabilities

 

(250)

(1,324)

Net assets

 

623

740

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

(377)

(260)

Shareholders' funds

 

623

740

For the financial year ending 29 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 August 2022 and signed on its behalf by:
 

.........................................
Mr Robert Wild
Director

 

Technology in Education Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
266 Church Road
Fixton
Manchester
M41 6HJ
England

These financial statements were authorised for issue by the Board on 31 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Technology in Education Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

Technology in Education Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2021

4

tangible assets

Office equipment
£

Total
£

Cost or valuation

At 30 November 2020

9,755

9,755

At 29 November 2021

9,755

9,755

Depreciation

At 30 November 2020

7,691

7,691

Charge for the year

1,191

1,191

At 29 November 2021

8,882

8,882

Carrying amount

At 29 November 2021

873

873

At 29 November 2020

2,064

2,064

5

Debtors

Current

2021
£

2020
£

Other debtors

69

69

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Accruals and deferred income

1,440

720

Other creditors

14,077

13,477

15,517

14,197

 

Technology in Education Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2021

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary share of £0.10 each

10,000

1,000

10,000

1,000

         

8

Related party transactions

During the year the company made the following related party transactions:

Director
During the year, the director made further loans to the company of £600. At the balance sheet date the amount due to the director was £4,177 (2020: £3,577)

Shareholder
At the balance sheet date the amount due to a shareholder was £9,900 (2020 - £9,900).