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Registration number: 11720372

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

















 

 

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

Company Information

Directors

Mr M S Fox

Mrs E J Fox

Registered office

2 The Causeway
Carlton
Bedford
MK43 7LT

 

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

(Registration number: 11720372)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,800

11,400

Tangible assets

5

35,858

2,307

 

39,658

13,707

Current assets

 

Stocks

6

250

250

Debtors

7

14,154

7,878

Cash at bank and in hand

 

52,984

58,595

 

67,388

66,723

Creditors: Amounts falling due within one year

8

(88,344)

(77,472)

Net current liabilities

 

(20,956)

(10,749)

Total assets less current liabilities

 

18,702

2,958

Provisions for liabilities

(6,813)

(438)

Net assets

 

11,889

2,520

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

11,888

2,519

Shareholders' funds

 

11,889

2,520

For the financial year ending 31 July 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.

 

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

(Registration number: 11720372)
Balance Sheet as at 31 July 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.

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
Mr M S Fox
Director

.........................................
Mrs E J Fox
Director

 

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

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

1

General information

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

The address of its registered office is:
2 The Causeway
Carlton
Bedford
MK43 7LT

These financial statements were authorised for issue by the Board on 14 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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

The company's first period was one of setting up the contracts and building the groundwork as a springboard for profits in future periods. The loss incurred is as expected, and is funded through the directors' loan account. The directors do not anticipate recalling their loans to the company until the company is in a financial position to repay the monies.

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.

 

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

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

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.

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

Computer equipment

33% straight line

Furniture, equipment and marketing materials

20% reducing balance

Motor vehicles

20% straight line

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

Franchise costs and initial fees

20% straight line

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.

 

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

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

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. 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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 2 (2022 - 2).

 

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2022

38,000

38,000

At 31 July 2023

38,000

38,000

Amortisation

At 1 August 2022

26,600

26,600

Amortisation charge

7,600

7,600

At 31 July 2023

34,200

34,200

Carrying amount

At 31 July 2023

3,800

3,800

At 31 July 2022

11,400

11,400

 

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

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

5

Tangible assets

Furniture, equipment and marketing materials
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

5,099

-

-

5,099

Additions

-

35,842

1,073

36,915

At 31 July 2023

5,099

35,842

1,073

42,014

Depreciation

At 1 August 2022

2,792

-

-

2,792

Charge for the year

904

2,389

71

3,364

At 31 July 2023

3,696

2,389

71

6,156

Carrying amount

At 31 July 2023

1,403

33,453

1,002

35,858

At 31 July 2022

2,307

-

-

2,307

6

Stocks

2023
£

2022
£

Other inventories

250

250

7

Debtors

2023
£

2022
£

Trade debtors

7,265

-

Prepayments

725

489

Other debtors

6,164

7,389

14,154

7,878

 

Pygmalion Enterprises Limited

trading as Tutor Doctor (Bedford)

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

466

-

Taxation and social security

10,320

5,606

Accruals and deferred income

3,452

9,510

Other creditors

74,106

62,356

88,344

77,472

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1