Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28truetruetruetruetrue2022-03-01falseNo description of principal activity85truetrue 08936622 2022-03-01 2023-02-28 08936622 2021-04-01 2022-02-28 08936622 2023-02-28 08936622 2022-02-28 08936622 2021-04-01 08936622 1 2022-03-01 2023-02-28 08936622 d:Director2 2022-03-01 2023-02-28 08936622 c:OfficeEquipment 2022-03-01 2023-02-28 08936622 c:OfficeEquipment 2023-02-28 08936622 c:OfficeEquipment 2022-02-28 08936622 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08936622 c:CurrentFinancialInstruments 2023-02-28 08936622 c:CurrentFinancialInstruments 2022-02-28 08936622 c:CurrentFinancialInstruments c:WithinOneYear 2023-02-28 08936622 c:CurrentFinancialInstruments c:WithinOneYear 2022-02-28 08936622 c:ShareCapital 2022-03-01 2023-02-28 08936622 c:ShareCapital 2023-02-28 08936622 c:ShareCapital 2021-04-01 2022-02-28 08936622 c:ShareCapital 2022-02-28 08936622 c:ShareCapital 2021-04-01 08936622 c:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 08936622 c:RetainedEarningsAccumulatedLosses 2023-02-28 08936622 c:RetainedEarningsAccumulatedLosses 2021-04-01 2022-02-28 08936622 c:RetainedEarningsAccumulatedLosses 2022-02-28 08936622 c:RetainedEarningsAccumulatedLosses 2021-04-01 08936622 d:OrdinaryShareClass1 2022-03-01 2023-02-28 08936622 d:OrdinaryShareClass1 2023-02-28 08936622 d:OrdinaryShareClass1 2022-02-28 08936622 d:FRS102 2022-03-01 2023-02-28 08936622 d:Audited 2022-03-01 2023-02-28 08936622 d:FullAccounts 2022-03-01 2023-02-28 08936622 d:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08936622 d:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 08936622












METAGEDU APPRENTICESHIPS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

 

METAGEDU APPRENTICESHIPS LTD

CONTENTS



Page
Balance sheet
 
1
Statement of changes in equity
 
2
Notes to the financial statements
 
3 - 10



 
REGISTERED NUMBER:08936622
METAGEDU APPRENTICESHIPS LTD

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
6,260
4,345

Current assets
  

Debtors: amounts falling due within one year
 5 
231,493
72,705

Cash at bank and in hand
  
41,639
35,047

  
273,132
107,752

Creditors: amounts falling due within one year
 6 
(949,473)
(274,443)

Net current liabilities
  
 
 
(676,341)
 
 
(166,691)

Total assets less current liabilities
  
(670,081)
(162,346)

  

Net liabilities
  
(670,081)
(162,346)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(670,181)
(162,446)

  
(670,081)
(162,346)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



P Neocleous
Director

Date: 28 November 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 

METAGEDU APPRENTICESHIPS LTD

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
100
(40,882)
(40,782)


Comprehensive income for the period

Loss for the period

-
(121,564)
(121,564)
Total comprehensive income for the period
-
(121,564)
(121,564)



At 1 March 2022
100
(162,446)
(162,346)


Comprehensive income for the year

Loss for the year

-
(507,735)
(507,735)
Total comprehensive income for the year
-
(507,735)
(507,735)


Total transactions with owners
-
-
-


At 28 February 2023
100
(670,181)
(670,081)


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 

METAGEDU APPRENTICESHIPS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Metagedu Apprenticeships Ltd is a private company limited by shares and incorporated in England and Wales. The address of its office and principal place of business is 891 Greenford Road, Greenford, London, UB6 0HE.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 

The comparative period covers a period of 11 months and as such the current year information is not entirely comparable to prior year results.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Global Education Holdings Limited as at 28 February 2023 and these financial statements may be obtained from the Companies House.

 
2.3

Going concern

At 28 February 2023 the company had net liabilities of £670.081 and had incurred a loss for the year. The company continues to trade with the support of its parent which has indicated that it will continue to provide support for the foreseeable future, being a period of not less than twelve months from the date that these financial statements were approved. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Page 3

 

METAGEDU APPRENTICESHIPS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is derived from the Education & Skills Funding Agency (ESFA) for the provision of training provided under approved apprenticeship programs, and commercially from the provision of other training services to the private sector. Revenue from the ESFA is recognised monthly in arrears after the training has been provided, and revenue from a commercial contract to provide training services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract as detailed below.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.


 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
20%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 

METAGEDU APPRENTICESHIPS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.9

Share capital

Ordinary shares are classified as equity.

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.


2.11

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 5

 

METAGEDU APPRENTICESHIPS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)





Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 6

 

METAGEDU APPRENTICESHIPS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)





Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 

METAGEDU APPRENTICESHIPS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 5).


4.


Tangible fixed assets





Office equipment

£



Cost 


At 1 March 2022
11,924


Additions
2,784



At 28 February 2023

14,708



Depreciation


At 1 March 2022
7,579


Charge for the year on owned assets
869



At 28 February 2023

8,448



Net book value



At 28 February 2023
6,260



At 28 February 2022
4,345


5.


Debtors

2023
2022
£
£


Trade debtors
6,892
17,586

Other debtors
2,500
11,626

Prepayments and accrued income
29,154
2,578

Deferred taxation
192,947
40,915

231,493
72,705


Page 8

 

METAGEDU APPRENTICESHIPS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
16,041
-

Amounts owed to group undertakings
841,138
242,641

Other taxation and social security
34,976
13,885

Other creditors
3,635
347

Accruals and deferred income
53,683
17,570

949,473
274,443



7.


Creditors: Amounts falling due after more than one year





8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £1.00 each
100
100

 



9.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party
Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


10.


Post balance sheet events

In May 2023 an additional 1.2 million of ordinary shares of £1 each were issued at par in consideration of the conversion of amounts due to the parent company. 


11.


Parent undertaking

The smallest group for which consolidated financial statements are drawn up is headed by Global
Education Holdings Limited whose registered office is 891 Greenford Road, Greenford, London, United
Kingdom, UB6 0HE. The accounts can be found on Companies House.

Page 9

 

METAGEDU APPRENTICESHIPS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

12.


Auditor's information

The auditor's report on the financial statements for the year ended 28 February 2023 was unqualified.

The audit report was signed on 28 November 2023 by Mark Hart (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 10