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Registration number: 06807554

Easybook Training Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Easybook Training Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

Easybook Training Limited

Company Information

Directors

Miss LM Tier

Mr T Walsby

Registered office

3rd Floor
11-13 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU

Accountants

Brookes Sivyer
Chartered Accountants
PO Box 533
Newquay
Cornwall
TR7 9DJ

 

Easybook Training Limited

(Registration number: 06807554)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,866

2,488

Tangible assets

5

273,879

275,393

Investments

6

100

100

Other financial assets

7

28,450

28,450

 

304,295

306,431

Current assets

 

Debtors

8

800,066

557,283

Cash at bank and in hand

 

609,137

508,298

 

1,409,203

1,065,581

Creditors: Amounts falling due within one year

9

(847,771)

(750,587)

Net current assets

 

561,432

314,994

Total assets less current liabilities

 

865,727

621,425

Creditors: Amounts falling due after more than one year

9

(178,488)

(195,251)

Provisions for liabilities

(3,296)

(3,830)

Net assets

 

683,943

422,344

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

682,943

421,344

Shareholders' funds

 

683,943

422,344

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.

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.

 

Easybook Training Limited

(Registration number: 06807554)
Balance Sheet as at 31 March 2023

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 13 November 2023 and signed on its behalf by:
 

.........................................
Miss LM Tier
Director

.........................................
Mr T Walsby
Director

 

Easybook Training 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:
3rd Floor
11-13 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU
England

These financial statements were authorised for issue by the Board on 13 November 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.

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.

 

Easybook Training Limited

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

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

Long Leasehold Property

Not provided

Plant and machinery

25% straight line basis

Office equipment

33% straight line basis

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.

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

10% straight line basis

 

Easybook Training Limited

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

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.

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.

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.

 

Easybook Training Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

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

 

Easybook Training Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

6,216

6,216

At 31 March 2023

6,216

6,216

Amortisation

At 1 April 2022

3,728

3,728

Amortisation charge

622

622

At 31 March 2023

4,350

4,350

Carrying amount

At 31 March 2023

1,866

1,866

At 31 March 2022

2,488

2,488

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

272,011

8,209

13,479

293,699

Additions

-

632

579

1,211

At 31 March 2023

272,011

8,841

14,058

294,910

Depreciation

At 1 April 2022

-

6,707

11,599

18,306

Charge for the year

-

1,194

1,531

2,725

At 31 March 2023

-

7,901

13,130

21,031

Carrying amount

At 31 March 2023

272,011

940

928

273,879

At 31 March 2022

272,011

1,502

1,880

275,393

 

Easybook Training Limited

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

Included within the net book value of land and buildings above is £272,011 (2022 - £272,011) in respect of long leasehold land and buildings.
 

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 April 2022

100

Provision

Carrying amount

At 31 March 2023

100

At 31 March 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Easybook Training USA Limited

3rd Floor
11-13 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU

England and Wales

Ordinary £1 shares

100%

100%

 

Easybook Training Limited

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

Subsidiary undertakings

Easybook Training USA Limited

The principal activity of Easybook Training USA Limited is Online Safety Training Booking Services to USA market.

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

28,450

28,450

At 31 March 2023

28,450

28,450

Impairment

Carrying amount

At 31 March 2023

28,450

28,450

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

654,984

454,182

Amounts owed by related parties

14

139,786

95,600

Prepayments

 

4,102

3,797

Other debtors

 

1,194

3,704

   

800,066

557,283

 

Easybook Training Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

23,578

17,357

Trade creditors

 

365,630

428,848

Taxation and social security

 

193,203

146,843

Accruals and deferred income

 

6,000

6,675

Other creditors

 

259,360

150,864

 

847,771

750,587

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

178,488

195,251

2023
£

2022
£

Due after more than five years

After more than five years by instalments

120,652

143,327

-

-

 

Easybook Training Limited

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

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

178,488

195,251

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,748

14,286

Other borrowings

7,830

3,071

23,578

17,357

Bank borrowings

The first bank loan is denominated in Sterling with a nominal interest rate of Fixed at 4.95% until 13/01/2025, and then base rate plus 3.67%, and the final instalment is due on 30 April 2040. The carrying amount at year end is £70,512 (2022 - £72,996).

The Company has given a first charge over its leasehold property and a Debenture as security for its bank loan.

The second bank loan is denominated in Sterling with a nominal interest rate of Fixed at 3.42% until 17/05/2024 and then base rate plus 3.67%, and the final instalment is due on 16 November 2042. The carrying amount at year end is £91,379 (2022 - £94,494).

The Company has given a first charge over its leasehold property and a Debenture as security for its bank loan.

The third bank loan is denominated in Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 30 April 2026. The carrying amount at year end is £32,346 (2022 - £42,047).

The bank loan is unsecured

 

Easybook Training Limited

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

Included in the loans and borrowings are £120,652 (2021 - £143,327 ) being the amounts due after more than five years.
 

Bank loans and overdrafts after five years

The three bank loans are repayable by way of monthly instalments and are due to be fully repaid by April 2040, November 2042 and April 2026 respectively. The first and second loans have fixed rates of 4.92% and 3.41% until 13/01/2025 and 17/05/2024 respectively, and then revert to interest of 3.67% above bank base rate. The third loan has a fixed rate of 2.5%

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

3,528

-

Later than one year and not later than five years

-

10,584

3,528

10,584

The amount of non-cancellable operating lease payments recognised as an expense during the year was £6,468 (2022 - £8,101).

13

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £272.00 (2022 - £304.00) per ordinary share

 

272,000

 

304,000

         

14

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,600

9,600

Contributions paid to money purchase schemes

-

35,000

9,600

44,600

 

Easybook Training Limited

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

Dividends paid to directors

   

2023
£

 

2022
£

Miss LM Tier

       

Dividends

 

136,000

 

152,000

         

Mr T Walsby

       

Dividends

 

136,000

 

152,000

         

 

Easybook Training Limited

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

Summary of transactions with subsidiaries

Easybook Training USA Limited
 During the period, the Company has incurred expenses on behalf of Easybook Training USA Limited. At 31.03.23 an amount of £139,786 (2022 - £95,600) was owed by Easybook Training USA Limited.
 

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

95,600

95,600

Advanced

42,186

42,186

At end of period

137,786

137,786

2022

Subsidiary
£

Total
£

At start of period

55,924

55,924

Advanced

39,676

39,676

At end of period

95,600

95,600

Terms of loans to related parties

The loan to the subsidiary, Easybook Training USA Limited is repayable upon demand.
 

15

Financial instruments

Financial assets measured at fair value

Art investment
The Company holds artwork that has been valued by the Directors at its open market value

The fair value is £28,450 (2022 - £28,450) and the change in value included in profit or loss is £Nil (2022 - £2,700).