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Registration number: 08422343

Centre Of Excellence Online Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Centre Of Excellence Online Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

Centre Of Excellence Online Limited

Company Information

Director

Ms Sara Lou-Ann Jones

Registered office

York House
20 York Street
Manchester
M2 3BB

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

Centre Of Excellence Online Limited

Director's Report for the Year Ended 28 February 2023

The director presents her report and the financial statements for the year ended 28 February 2023.

Director of the company

The director who held office during the year was as follows:

Ms Sara Lou-Ann Jones

Principal activity

The principal activity of the company is the development and retail of e-learning courses.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 27 November 2023
 

.........................................
Ms Sara Lou-Ann Jones
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Centre Of Excellence Online Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Centre Of Excellence Online Limited for the year ended 28 February 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Centre Of Excellence Online Limited, as a body, in accordance with the terms of our engagement letter dated 1 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of Centre Of Excellence Online Limited and state those matters that we have agreed to state to the Board of Directors of Centre Of Excellence Online Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Centre Of Excellence Online Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Centre Of Excellence Online Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Centre Of Excellence Online Limited. You consider that Centre Of Excellence Online Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Centre Of Excellence Online Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

27 November 2023

 

Centre Of Excellence Online Limited

(Registration number: 08422343)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

472,102

726,983

Tangible assets

5

60,611

73,215

Investments

6

4,162,730

6,352,200

 

4,695,443

7,152,398

Current assets

 

Debtors

7

1,740,283

1,719,400

Cash at bank and in hand

 

1,050,161

1,225,225

 

2,790,444

2,944,625

Creditors: Amounts falling due within one year

8

(678,972)

(1,330,575)

Net current assets

 

2,111,472

1,614,050

Total assets less current liabilities

 

6,806,915

8,766,448

Provisions for liabilities

(314,641)

(871,126)

Net assets

 

6,492,274

7,895,322

Capital and reserves

 

Called up share capital

9

1

1

Revaluation reserve

905,919

2,571,646

Retained earnings

5,586,354

5,323,675

Shareholders' funds

 

6,492,274

7,895,322

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 and the option not to file the Profit and Loss Account and Directors' Report has been taken.

 

Centre Of Excellence Online Limited

(Registration number: 08422343)
Balance Sheet as at 28 February 2023

Approved and authorised by the director on 27 November 2023
 

.........................................
Ms Sara Lou-Ann Jones
Director

 

Centre Of Excellence Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
York House
20 York Street
Manchester
M2 3BB

These financial statements were authorised for issue by the director on 27 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.

The presentation currency is £ sterling.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Centre Of Excellence Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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

Fixtures and fittings

25% Reducing balance

Computer equipment

33% Straight line

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

Development costs that are directly attributable to the design, development and testing of websites and software platforms controlled by the company are capitalised as intangible assets. Intangible assets are measured at cost less any accumulated amortisation and accumulated impairment losses.

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

Website and software platforms

20% Straight Line

 

Centre Of Excellence Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Investments

Investments in digital assets are stated at fair value based on the closing market price as at the balance sheet date. Revaluation surpluses are taken to the revaluation reserve. Deficits on revaluation are charged to the revaluation reserve up to the amount of the associated revaluation surplus. Any excess deficits are charged to the profit and loss account.

Where an asset that was previously revalued is disposed of, its book value is eliminated and an appropriate transfer is made from the revaluation reserve to the profit and loss reserve.

Deferred taxation is provided on any surplus at the rate expected to apply when the investment is sold.

Investments in commodities are included in the balance sheet at their fair value based on their market price as at the balance sheet date. The resulting aggregate surplus or deficit resulting from such revaluation is recognised in the profit and loss account.

Deferred taxation is provided on any such surplus at the rate expected to apply when the investment is sold.

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.

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.

 

Centre Of Excellence Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 the director) during the year, was 13 (2022 - 20).

4

Intangible assets

Website and software platforms
£

Total
£

Cost or valuation

At 1 March 2022

1,274,406

1,274,406

At 28 February 2023

1,274,406

1,274,406

Amortisation

At 1 March 2022

547,423

547,423

Amortisation charge

254,881

254,881

At 28 February 2023

802,304

802,304

Carrying amount

At 28 February 2023

472,102

472,102

At 28 February 2022

726,983

726,983

 

Centre Of Excellence Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Tangible assets

Fixtures and fittings
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 March 2022

98,973

19,252

118,225

Additions

-

11,817

11,817

At 28 February 2023

98,973

31,069

130,042

Depreciation

At 1 March 2022

35,462

9,548

45,010

Charge for the year

15,878

8,543

24,421

At 28 February 2023

51,340

18,091

69,431

Carrying amount

At 28 February 2023

47,633

12,978

60,611

At 28 February 2022

63,511

9,704

73,215

6

Investments

2023
£

2022
£

Other investments other than loans

4,162,730

6,352,200

Other investments other than loans

£

At 1 March 2022

6,352,200

Additions

31,500

Revaluation

(2,220,970)

At 28 February 2023

4,162,730

At 28 February 2022

6,352,200

 

Centre Of Excellence Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

8,708

8,708

Prepayments

 

17,268

22,566

Other debtors

 

1,714,307

1,688,126

 

1,740,283

1,719,400

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

100,743

281,386

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

367,525

367,525

Taxation and social security

 

92,290

424,381

Accruals and deferred income

 

1,277

4,106

Other creditors

 

117,137

253,177

 

678,972

1,330,575

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Centre Of Excellence Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Related party transactions

The company has taken advantage of the exemption conferred by FRS102 not to disclose transactions with wholly owned members of the group.

Transactions with the director

As at the year end there were amounts totalling £1,017,988 (2022: £998,488) owed to company by the director. The amounts are unsecured, repayable on demand and interest is being charged.

11

Parent and ultimate parent undertaking

The company's immediate parent is Centre of Excellence Group Ltd, incorporated in England and Wales.