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COMPANY REGISTRATION NUMBER: 08788435
Beehive Education Limited
Filleted Unaudited Financial Statements
31 August 2023
Beehive Education Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Beehive Education Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
32,500
Tangible assets
6
384,470
396,790
Investments
7
98,963
80,000
---------
---------
483,433
509,290
Current assets
Debtors
8
28,894
242,053
Cash at bank and in hand
136,831
130,847
---------
---------
165,725
372,900
Creditors: amounts falling due within one year
9
195,665
300,042
---------
---------
Net current (liabilities)/assets
( 29,940)
72,858
---------
---------
Total assets less current liabilities
453,493
582,148
Creditors: amounts falling due after more than one year
10
437,390
473,101
Provisions
Taxation including deferred tax
2,996
4,052
---------
---------
Net assets
13,107
104,995
---------
---------
Capital and reserves
Called up share capital
3
3
Profit and loss account
13,104
104,992
--------
---------
Shareholders funds
13,107
104,995
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Beehive Education Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
D Whipps
Director
Company registration number: 08788435
Beehive Education Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 233 Beehive Lane, Ilford, Essex, IG4 5ED.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Group accounts
The directors have taken advantage of the exemption conferred by Section 399 of the Companies Act 2006 from the requirement to prepare group accounts. Accordingly the financial statements present information about the company and not its group.
Going concern
There are no issues regarding going concern due to the continued support of the directors and therefore the accounts have been prepared this basis.
Judgements and key sources of estimation uncertainty
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Income 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. In this case, tax is 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Freehold property
-
2% straight line
Equipment
-
20% straight line
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 29 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
325,000
---------
Amortisation
At 1 September 2022
292,500
Charge for the year
32,500
---------
At 31 August 2023
325,000
---------
Carrying amount
At 31 August 2023
---------
At 31 August 2022
32,500
---------
6. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1 September 2022
452,935
69,450
522,385
Additions
918
918
---------
--------
---------
At 31 August 2023
452,935
70,368
523,303
---------
--------
---------
Depreciation
At 1 September 2022
77,472
48,123
125,595
Charge for the year
9,059
4,179
13,238
---------
--------
---------
At 31 August 2023
86,531
52,302
138,833
---------
--------
---------
Carrying amount
At 31 August 2023
366,404
18,066
384,470
---------
--------
---------
At 31 August 2022
375,463
21,327
396,790
---------
--------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 September 2022
80,000
Additions
18,963
--------
At 31 August 2023
98,963
--------
Impairment
At 1 September 2022 and 31 August 2023
--------
Carrying amount
At 31 August 2023
98,963
--------
At 31 August 2022
80,000
--------
The company owns 100% of the issued share capital of South East Learning Ltd, a company incorporated in England and Wales.
8. Debtors
2023
2022
£
£
Trade debtors
24,693
205,796
Other debtors
4,201
36,257
--------
---------
28,894
242,053
--------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
107,919
24,506
Amounts owed to group undertakings and undertakings in which the company has a participating interest
32,535
22,328
Corporation tax
3,675
Social security and other taxes
7,384
7,615
Other creditors
47,827
241,918
---------
---------
195,665
300,042
---------
---------
Within Creditors: amounts falling due within one year, there is £25,895 (2022: £24,506) secured against the assets of the company.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
437,390
473,101
---------
---------
Within Creditors: amounts falling due after more than one year, there is £437,390 (2022: £473,101) secured against the assets of the company.
11. Related party transactions
At the year end the company owed the directors £42,472 (2022: £32,627). At the year end the company owed £32,535 (2022: £22,328) to a group company.