COMPETENCE DEVELOPMENT LIMITED

Company Registration Number:
07422326 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

COMPETENCE DEVELOPMENT LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

COMPETENCE DEVELOPMENT LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

The principal activities of the company in the year under review was that of education provision of study programmes at further education level and apprenticeships.



Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

D Moore
W Joyce


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
26 September 2023

And signed on behalf of the board by:
Name: D Moore
Status: Director

COMPETENCE DEVELOPMENT LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

2022 2021


£

£
Turnover: 921,582 752,292
Cost of sales: 0 0
Gross profit(or loss): 921,582 752,292
Distribution costs: 0 0
Administrative expenses: ( 1,363,533 ) ( 731,733 )
Other operating income: 0 0
Operating profit(or loss): (441,951) 20,559
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (441,951) 20,559
Tax: 0 0
Profit(or loss) for the financial year: (441,951) 20,559

COMPETENCE DEVELOPMENT LIMITED

Balance sheet

As at 31 December 2022

Notes 2022 2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 424,748 68,575
Tangible assets: 4 18,396 2,184
Investments:   0 0
Total fixed assets: 443,144 70,759
Current assets
Stocks:   0 0
Debtors: 5 528,751 140,316
Cash at bank and in hand: 42,874 68,575
Investments:   0 0
Total current assets: 571,625 208,891
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 754,130 ) ( 106,052 )
Net current assets (liabilities): (182,505) 102,839
Total assets less current liabilities: 260,639 173,598
Creditors: amounts falling due after more than one year: 7 ( 603,992 ) ( 75,000 )
Total net assets (liabilities): (343,353) 98,598
Capital and reserves
Called up share capital: 8 8
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: (343,361 ) 98,590
Total Shareholders' funds: ( 343,353 ) 98,598

The notes form part of these financial statements

COMPETENCE DEVELOPMENT LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 26 September 2023
and signed on behalf of the board by:

Name: D Moore
Status: Director

The notes form part of these financial statements

COMPETENCE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable in respect of services provided. Revenue is recognised on a straight line basis over the duration of the contract with the education provider.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.Improvements to property - 10% on costOffice equipment - 33% on costTangible fixed assets are stated at cost less depreciation.

    Intangible fixed assets amortisation policy

    Amortisation of intangible fixed assets only commences when the relevant development is commercially ready for sale. Only those costs which relate directly to the development of commercially viable software are held as intangible fixed assets.Amortisation is provided at the following annual rates in order to write off the cost less estimated residual value of intangible assets over the estimated useful life:Software development – 20% on costIntangible fixed assets are stated at cost less amortisation

    Other accounting policies

    Leasing commitmentsRentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.Impairment of assetsAt each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in its prior years. A reversal of an impairment loss is recognised as income immediately.Financial instrumentsShort term financial assets are measured at transaction price less any impairment. Short terms financial liabilities are measured at transaction price.Financial liabilities that have no stated interest rate and are payable within one year are measured at the undiscounted amount due.Associated undertaking loans payable and receivable are measured at the undiscounted amount due as they are deemed to be repayable on demand. TaxationTaxation for the period comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.PensionsThe company operates a defined contribution pension scheme through The People’s Pension, and the pension charge represents the amounts payable by the company to the fund in respect of the period.

COMPETENCE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 19 19

COMPETENCE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2022 68,575 68,575
Additions 369,888 369,888
Disposals 0 0
Revaluations 0 0
Transfers 0 0
At 31 December 2022 438,463 438,463
Amortisation
At 1 January 2022 0 0
Charge for year 13,715 13,715
On disposals 0 0
Other adjustments 0 0
At 31 December 2022 13,715 13,715
Net book value
At 31 December 2022 424,748 424,748
At 31 December 2021 68,575 68,575

COMPETENCE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2022 12,625 12,625
Additions 35,796 35,796
Disposals
Revaluations
Transfers
At 31 December 2022 48,421 48,421
Depreciation
At 1 January 2022 10,441 10,441
Charge for year 19,584 19,584
On disposals
Other adjustments
At 31 December 2022 30,025 30,025
Net book value
At 31 December 2022 18,396 18,396
At 31 December 2021 2,184 2,184

COMPETENCE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Debtors

2022 2021
£ £
Trade debtors 320,898 61,874
Prepayments and accrued income 4,450 12,441
Other debtors 203,403 66,001
Total 528,751 140,316

COMPETENCE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Creditors: amounts falling due within one year note

2022 2021
£ £
Trade creditors 39,016 27,043
Taxation and social security 271,874 78,520
Accruals and deferred income 224,767 489
Other creditors 218,473 0
Total 754,130 106,052

COMPETENCE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Creditors: amounts falling due after more than one year note

2022 2021
£ £
Other creditors 603,992 75,000
Total 603,992 75,000