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COMPANY REGISTRATION NUMBER: 09192825
South East Learning Ltd
Filleted Unaudited Financial Statements
31 August 2023
South East Learning Ltd
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
South East Learning Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Current assets
Debtors
7
32,535
23,150
Cash at bank and in hand
11,980
33,467
--------
--------
44,515
56,617
Creditors: amounts falling due within one year
8
10,318
20,465
--------
--------
Net current assets
34,197
36,152
--------
--------
Total assets less current liabilities
34,197
36,152
Creditors: amounts falling due after more than one year
9
27,468
32,125
--------
--------
Net assets
6,729
4,027
--------
--------
Capital and reserves
Called up share capital
4
4
Profit and loss account
6,725
4,023
-------
-------
Shareholders funds
6,729
4,027
-------
-------
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 .
South East Learning Ltd
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: 09192825
South East Learning Ltd
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 Warlies Park House, Horseshoe Hill, Upshire, Essex, EN9 3SL, United Kingdom.
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.
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.
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
-
20% 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:
Fixtures and fittings
-
25% straight line
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
60,000
--------
Amortisation
At 1 September 2022 and 31 August 2023
60,000
--------
Carrying amount
At 31 August 2023
--------
At 31 August 2022
--------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 September 2022 and 31 August 2023
10,000
10,000
--------
--------
Depreciation
At 1 September 2022 and 31 August 2023
10,000
10,000
--------
--------
Carrying amount
At 31 August 2023
--------
--------
At 31 August 2022
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
822
Amounts owed by group undertakings and undertakings in which the company has a participating interest
32,535
22,328
--------
--------
32,535
23,150
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,803
4,868
Corporation tax
98
Social security and other taxes
732
1,751
Other creditors
4,783
13,748
--------
--------
10,318
20,465
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,468
32,125
--------
--------
10. Related party transactions
At the year end the company owed the directors £Nil (2022: £9,210). At the year end the company was owed £32,535 by a group company (2022: £22,328).
11. Controlling party
The company is a subsidiary of Beehive Education Limited which is the ultimate parent company incorporated in the United Kingdom.