Assessed Education Limited (Trading as Assessu)
Annual Report and Financial Statements
For the year ended 31 December 2022
Company Registration No. 07475259 (England and Wales)
Assessed Education Limited (Trading as Assessu)
Company Information
Directors
M A Horne
(Appointed 27 January 2023)
G Tovey
(Appointed 24 April 2023)
Company number
07475259
Registered office
4 Orchard Place
Nottingham Business Park
Nottingham
NG8 6PX
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
4 Orchard Place
Nottingham Business Park
Nottingham
United Kingdom
NG8 6PX
Bankers
Lloyds Bank Plc
324- 326 Regent Street
London
W1B 3LB
Assessed Education Limited (Trading as Assessu)
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 12
Assessed Education Limited (Trading as Assessu)
Directors' Report
For the year ended 31 December 2022
Page 1

The directors present their report and the financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company is that of delivery of end point assessment of apprenticeship standards.

 

Going Concern

Profit and cash flow forecasts have been prepared by group management for the period to 31 December 2024. Based on this, the directors are confident that the company will have sufficient resources to meet its liabilities as they fall due and to continue to operate for at least the next twelve months from the date these financial statements are approved. The financial statements have therefore been prepared on a going concern basis.

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements were:

K Green
(Resigned 6 March 2023)
J Foulston
(Resigned 24 April 2023)
M A Horne
(Appointed 27 January 2023)
G Tovey
(Appointed 24 April 2023)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
G Tovey
Director
27 September 2023
Assessed Education Limited (Trading as Assessu)
Directors' Responsibilities Statement
For the year ended 31 December 2022
Page 2

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Assessed Education Limited (Trading as Assessu)
Independent Auditor's Report
To the Members of Assessed Education Limited (Trading as Assessu)
Page 3
Opinion

We have audited the financial statements of Assessed Education Limited (Trading as Assessu) (the 'company') for the year ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Assessed Education Limited (Trading as Assessu)
Independent Auditor's Report (Continued)
To the Members of Assessed Education Limited (Trading as Assessu)
Page 4

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Assessed Education Limited (Trading as Assessu)
Independent Auditor's Report (Continued)
To the Members of Assessed Education Limited (Trading as Assessu)
Page 5
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Assessed Education Limited (Trading as Assessu)
Independent Auditor's Report (Continued)
To the Members of Assessed Education Limited (Trading as Assessu)
Page 6

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our Report

 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Janice Riches (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
28 September 2023
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Assessed Education Limited (Trading as Assessu)
Statement of Income and Retained Earnings
For the year ended 31 December 2022
Page 7
2022
2021
£
£
Turnover
321,103
443,101
Cost of sales
(201,122)
(279,576)
Gross profit
119,981
163,525
Administrative expenses
(116,514)
(111,495)
Operating profit
3,467
52,030
Taxation
(707)
(9,886)
Profit for the financial year
2,760
42,144
Retained earnings at 1 January 2022
71,932
29,788
Retained earnings at 31 December 2022
74,692
71,932
Assessed Education Limited (Trading as Assessu)
Balance Sheet
As at 31 December 2022
Page 8
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
175,272
8,825
Cash at bank and in hand
14,375
147,138
189,647
155,963
Creditors: amounts falling due within one year
4
(113,955)
(83,031)
Net current assets
75,692
72,932
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
74,692
71,932
Total equity
75,692
72,932

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
G Tovey
Director
Company Registration No. 07475259
Assessed Education Limited (Trading as Assessu)
Notes to the Financial Statements
For the year ended 31 December 2022
Page 9
1
Accounting policies
Company information

Assessed Education Limited (Trading as Assessu) is a private company limited by shares, which is domiciled and incorporated in England and Wales. The registered office is 4 Orchard Place, Nottingham Business Park, Nottingham, NG8 6PX.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the company can continue in operational existence for the foreseeable future, being a minimum period of 12 months from the date of approval of the financial statements.true

 

Management has considered the Company and group’s financial performance since the balance sheet date and the group has prepared cash flow projections for the financial period to 31 December 2024 to determine whether the company can continue to trade and meet its liabilities as they fall due and operate as a going concern.

 

The management of the parent company is confident that the group and Assessed Education Limited will have sufficient resources to continue to operate for at least the next twelve months. The parent company has also undertaken to provide support to the company for at least twelve months from the date of approval of the financial statements.

1.3
Turnover

Turnover represents amounts receivable for services net of VAT and is recognised on completion of the end point assessment.

1.4
Financial instruments

Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.

Assessed Education Limited (Trading as Assessu)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 10
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Assessed Education Limited (Trading as Assessu)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 11
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
3
3
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
17,550
-
0
Amounts owed by group undertakings
154,873
2,176
Other debtors
2,221
3,773
Prepayments and accrued income
628
2,876
175,272
8,825

 

4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
14,228
6,335
Amounts owed to group undertakings
-
0
7,016
Corporation tax
707
9,886
Other taxation and social security
7,874
7
Other creditors
680
1,000
Accruals and deferred income
90,466
58,787
113,955
83,031
5
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,673
3,855

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Assessed Education Limited (Trading as Assessu)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 12
6
Share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
A Ordinary Shares of £1 each
600
600
B Ordinary Shares of £1 each
400
400
1,000
1,000
7
Ultimate controlling party

The company's immediate parent undertaking is Remit Group Limited, a company incorporated in England and Wales, registered office 4 Orchard Place, Nottingham Business Part, Nottingham, NG8 6PX.

 

The ultimate parent undertaking is Remit Holdings Limited, a company incorporated in England and Wales, registered office 4 Orchard Place, Nottingham Business Part, Nottingham, NG8 6PX.

 

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