Registration number:
Centre Of Excellence Online Limited
for the Year Ended 28 February 2023
Centre Of Excellence Online Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Centre Of Excellence Online Limited
Company Information
Director |
Ms Sara Lou-Ann Jones |
Registered office |
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Accountants |
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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:
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
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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.
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Chartered Certified Accountants
20 York Street
Manchester
M2 3BB
Centre Of Excellence Online Limited
(Registration number: 08422343)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Revaluation reserve |
905,919 |
2,571,646 |
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Retained earnings |
5,586,354 |
5,323,675 |
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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:
• |
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• |
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
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Centre Of Excellence Online Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Website and software platforms |
Total |
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Cost or valuation |
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At 1 March 2022 |
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At 28 February 2023 |
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Amortisation |
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At 1 March 2022 |
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Amortisation charge |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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Centre Of Excellence Online Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Tangible assets |
Fixtures and fittings |
Computer equipment |
Total |
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Cost or valuation |
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At 1 March 2022 |
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Additions |
- |
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At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
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Charge for the year |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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Investments |
2023 |
2022 |
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Other investments other than loans |
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Other investments other than loans |
£ |
At 1 March 2022 |
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Additions |
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Revaluation |
( |
At 28 February 2023 |
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At 28 February 2022 |
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Centre Of Excellence Online Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Debtors |
Note |
2023 |
2022 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Centre Of Excellence Online Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
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.
Parent and ultimate parent undertaking |
The company's immediate parent is