Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseProvision of work ready tutoring and career change mentoring to school and college leavers, university graduates and international students.21truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09985173 2022-03-01 2023-02-28 09985173 2021-03-01 2022-02-28 09985173 2023-02-28 09985173 2022-02-28 09985173 c:Director1 2022-03-01 2023-02-28 09985173 d:OfficeEquipment 2022-03-01 2023-02-28 09985173 d:OfficeEquipment 2023-02-28 09985173 d:OfficeEquipment 2022-02-28 09985173 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09985173 d:ComputerEquipment 2022-03-01 2023-02-28 09985173 d:ComputerEquipment 2023-02-28 09985173 d:ComputerEquipment 2022-02-28 09985173 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09985173 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09985173 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-28 09985173 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-02-28 09985173 d:ComputerSoftware 2023-02-28 09985173 d:ComputerSoftware 2022-02-28 09985173 d:CurrentFinancialInstruments 2023-02-28 09985173 d:CurrentFinancialInstruments 2022-02-28 09985173 d:Non-currentFinancialInstruments 2023-02-28 09985173 d:Non-currentFinancialInstruments 2022-02-28 09985173 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09985173 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 09985173 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09985173 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 09985173 d:ShareCapital 2023-02-28 09985173 d:ShareCapital 2022-02-28 09985173 d:SharePremium 2023-02-28 09985173 d:SharePremium 2022-02-28 09985173 d:RetainedEarningsAccumulatedLosses 2023-02-28 09985173 d:RetainedEarningsAccumulatedLosses 2022-02-28 09985173 c:FRS102 2022-03-01 2023-02-28 09985173 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 09985173 c:FullAccounts 2022-03-01 2023-02-28 09985173 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09985173 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2022-03-01 2023-02-28 09985173 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-03-01 2023-02-28 09985173 2 2022-03-01 2023-02-28 09985173 d:ExternallyAcquiredIntangibleAssets 2022-03-01 2023-02-28 09985173 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-03-01 2023-02-28 09985173 d:ComputerSoftware d:OwnedIntangibleAssets 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 09985173










FINITO EDUCATION LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
FINITO EDUCATION LIMITED
REGISTERED NUMBER: 09985173

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,780
2,000

Tangible assets
 5 
2,046
2,595

  
7,826
4,595

Current assets
  

Debtors: amounts falling due within one year
 6 
326,419
140,917

Cash at bank and in hand
 7 
2,822
31,485

  
329,241
172,402

Creditors: amounts falling due within one year
 8 
(315,346)
(155,055)

Net current assets
  
 
 
13,895
 
 
17,347

Total assets less current liabilities
  
21,721
21,942

Creditors: amounts falling due after more than one year
 9 
(32,922)
(38,050)

  

Net liabilities
  
(11,201)
(16,108)


Capital and reserves
  

Called up share capital 
  
117
117

Share premium account
  
186,584
186,584

Profit and loss account
  
(197,902)
(202,809)

  
(11,201)
(16,108)


Page 1

 
FINITO EDUCATION LIMITED
REGISTERED NUMBER: 09985173
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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: 




Ronel Lehmann
Director
Date: 14 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FINITO EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Finito Education Ltd is a private company limited by shares and registered in England and Wales. The
registered office address is 14th Floor, 33 Cavendish Square, London, United Kingdom, W1G 0PW.

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

Going concern

The financial statements have been prepared on a going concern basis based on the continued
support of the company's director.

 
2.3

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. The following criteria must also be met before revenue is recognised:

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.

 
2.4

Government grants

Grants of a revenue nature are recognised in the Profit and loss account in the same period as the
related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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 3

 
FINITO EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
4 years
Computer equipment
-
4 years

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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 4

 
FINITO EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short-term creditors are measured at the transaction price.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets
Page 5

 
FINITO EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 1).


4.


Intangible assets




Trademarks
Computer software
Total

£
£
£



Cost


At 1 March 2022
1,000
2,160
3,160


Additions
-
6,720
6,720



At 28 February 2023

1,000
8,880
9,880



Amortisation


At 1 March 2022
800
360
1,160


Charge for the year on owned assets
200
2,740
2,940



At 28 February 2023

1,000
3,100
4,100



Net book value



At 28 February 2023
-
5,780
5,780



At 28 February 2022
200
1,800
2,000



Page 6

 
FINITO EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
850
3,710
4,560


Additions
-
631
631



At 28 February 2023

850
4,341
5,191



Depreciation


At 1 March 2022
106
1,859
1,965


Charge for the year on owned assets
213
967
1,180



At 28 February 2023

319
2,826
3,145



Net book value



At 28 February 2023
531
1,515
2,046



At 28 February 2022
744
1,851
2,595


6.


Debtors

2023
2022
£
£


Trade debtors
29,700
4,500

Other debtors
52,491
11,180

Prepayments and accrued income
244,228
125,237

326,419
140,917



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,822
31,485


Page 7

 
FINITO EDUCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
4,739
4,232

Trade creditors
52,429
5,741

Corporation tax
13,245
-

Other taxation and social security
5,502
16,161

Other creditors
232,289
126,521

Accruals and deferred income
7,142
2,400

315,346
155,055



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
32,922
38,050


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
12,739
17,976

The bank loan is a fixed term loan, the interest rate is fixed at 2.5% per annum.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £1,321 (2022 - £Nil). Contributions totalling £544 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

At the year end the balance due from the director was £39,246 (2022: £11,180). Interest is charged on this loan at a rate of 2% per annum.

 
Page 8