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Registration number: 07747387

C-Learning Limited

Half Year Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

C-Learning Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

C-Learning Limited

Company Information

Directors

Mr Ian Nairn

Ms Christine Kelly

Mr Jamie Smith

Company secretary

Mr Ian Nairn

Registered office

31 The Old Batch
Bradford on Avon
Wiltshire
BA15 1TL

Accountants

Miss Kate Moakes
33 Sandringham Avenue
Bristol
BS16 6NQ

 

C-Learning Limited

(Registration number: 07747387)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

8,347

11,129

Investments

6

8,529

8,529

 

16,877

19,659

Current assets

 

Stocks

7

17,435

14,894

Debtors

8

493,171

380,312

Cash at bank and in hand

 

540,504

465,057

 

1,051,110

860,263

Creditors: Amounts falling due within one year

9

(667,123)

(470,082)

Net current assets

 

383,987

390,181

Total assets less current liabilities

 

400,864

409,840

Creditors: Amounts falling due after more than one year

9

(126,304)

(171,995)

Provisions for liabilities

(882)

1,269

Net assets

 

273,678

239,114

Capital and reserves

 

Called up share capital

10

200

200

Retained earnings

273,478

238,914

Shareholders' funds

 

273,678

239,114

For the financial year ending 31 August 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.

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.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

 

C-Learning Limited

(Registration number: 07747387)
Balance Sheet as at 31 August 2023

.........................................
Mr Ian Nairn
Company secretary and director

 

C-Learning Limited

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

1

General information

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

The address of its registered office is:
31 The Old Batch
Bradford on Avon
Wiltshire
BA15 1TL

These financial statements were authorised for issue by the Board on 16 October 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 convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

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.

Foreign currency transactions and balances

Transaction in foreign currencies are recorded at the exchange rate ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rate at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

C-Learning Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Asset class

Depreciation method and rate

Computer Equipment

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation has been provided on intangible assets so as to write off the cost but leaving a notional balance of £1 remaining.

Asset class

Amortisation method and rate

Intellectual Property

Notional £1 balance

Computer software

Fully amortised

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

C-Learning Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

C-Learning Limited

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

3

Staff numbers

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

 

C-Learning Limited

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

4

Intangible assets

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 September 2022

6,347

60,920

67,267

At 31 August 2023

6,347

60,920

67,267

Amortisation

At 1 September 2022

6,346

60,920

67,266

At 31 August 2023

6,346

60,920

67,266

Carrying amount

At 31 August 2023

1

-

1

At 31 August 2022

1

-

1

5

tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

32,436

32,436

At 31 August 2023

32,436

32,436

Depreciation

At 1 September 2022

21,307

21,307

Charge for the year

2,782

2,782

At 31 August 2023

24,089

24,089

Carrying amount

At 31 August 2023

8,347

8,347

At 31 August 2022

11,129

11,129

6

Investments

2023
£

2022
£

Investments in joint ventures

8,529

8,529

 

C-Learning Limited

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

Joint ventures

£

Cost

At 1 September 2022

8,529

Provision

Carrying amount

At 31 August 2023

8,529

At 31 August 2022

8,529

7

Stocks

2023
£

2022
£

Other inventories

17,435

14,894

8

debtors

Current

2023
£

2022
£

Trade debtors

491,902

378,674

Other debtors

1,269

1,638

 

493,171

380,312

Details of non-current trade and other debtors

£Nil (2022 -£Nil) of is classified as non current. As at 31st August 2023 there is over £500k of contracted multi year revenue not included in the balance sheet. It will be recognised when invoiced.

 

C-Learning Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

(9,660)

(8,326)

Trade creditors

 

355,933

335,740

Taxation and social security

 

57,892

35,192

Accruals and deferred income

 

260,114

104,625

Other creditors

 

2,844

2,851

 

667,123

470,082

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

126,304

171,995

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

20,000

200

20,000

200

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

126,304

171,995

2023
£

2022
£

Current loans and borrowings

Other borrowings

(9,660)

(8,326)