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Registration number: 10658597

Libra Education Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Libra Education Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Libra Education Limited

(Registration number: 10658597)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,932

4,167

Current assets

 

Debtors

5

61,765

87,429

Cash at bank and in hand

 

133,524

365,109

 

195,289

452,538

Creditors: Amounts falling due within one year

6

(44,733)

(215,938)

Net current assets

 

150,556

236,600

Total assets less current liabilities

 

161,488

240,767

Creditors: Amounts falling due after more than one year

6

-

(78,750)

Provisions for liabilities

(2,640)

(938)

Net assets

 

158,848

161,079

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

157,848

160,079

Shareholders' funds

 

158,848

161,079

For the financial year ending 31 March 2023 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.

 

Libra Education Limited

(Registration number: 10658597)
Statement of Financial Position as at 31 March 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements were approved and authorised by the Board on 25 August 2023 and signed on its behalf by:
 

.........................................
Mr O Hardy
Director

 

Libra Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
126 Libra Education
New Kings Road
Fulham
London
SW6 4LZ

These financial statements were authorised for issue by the Board on 25 August 2023.

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 basis.

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

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the opinion of the directors, there are no criticial accounting judgements and key sources of estimation and uncertainty.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered

Government grants

The company took advantage of the Coronavirus Business Interruption Loan Scheme (CIBLS). The government makes a Business Interruption Payment to cover the first 12 months of interest payments.

The income has been included in other operating income with a matching amount to bank loan interest payable.

 

Libra Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Asset class

Depreciation method and rate

Equipment

25% straight line

Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Financial instruments

Classification
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 financial 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.

The company only has basic financial instruments.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 9).

 

Libra Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Equipment
 £

Total
£

Cost or valuation

At 1 April 2022

8,325

8,325

Additions

9,166

9,166

At 31 March 2023

17,491

17,491

Depreciation

At 1 April 2022

4,158

4,158

Charge for the year

2,401

2,401

At 31 March 2023

6,559

6,559

Carrying amount

At 31 March 2023

10,932

10,932

At 31 March 2022

4,167

4,167

5

Debtors

Current

2023
£

2022
£

Trade debtors

51,612

52,822

Prepayments

4,393

27,777

Other debtors

5,760

6,830

 

61,765

87,429

 

Libra Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

146,250

Trade creditors

 

633

12,173

Taxation and social security

 

33,354

36,938

Accruals and deferred income

 

7,097

2,310

Other creditors

 

3,649

18,267

 

44,733

215,938

Creditors include a bank loan which is secured of nil (2022 - £95,833).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

-

78,750

Creditors includes a bank loan which is secured of nil (2022 - £19,167).

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

78,750

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

146,250

 

Libra Education Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £5,100 (2022 - £11,025).

9

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr O Hardy

The loan is interest free and repayable on demand

1,070

(1,070)

-

       
     

 

2022

At 1 April 2021
£

At 31 March 2022
£

Mr O Hardy

The loan is interest free and repayable on demand

1,070

1,070