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Registered number: 05369732










TFN (EDUCATION) LIMITED
(A company limited by guarantee)










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
TFN (EDUCATION) LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 05369732

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,009
11,146

  
6,009
11,146

Current assets
  

Debtors: amounts falling due within one year
 5 
11,984
13,160

Cash at bank and in hand
  
136,822
159,402

  
148,806
172,562

Creditors: amounts falling due within one year
 6 
(154,815)
(183,708)

Net current liabilities
  
 
 
(6,009)
 
 
(11,146)

Total assets less current liabilities
  
-
-

  

Net assets
  
-
-


Capital and reserves
  

  
-
-


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 statement of income and retained earnings 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: 




J Winter
Director
Date: 28 November 2023

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
TFN (EDUCATION) LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

TFN (Education) Limited (05369732) is a private company, limited by guarantee and incorporated in England & Wales. Its registered office is C/O Weydon School, Weydon Lane, Farnham, Surrey, GU9 8UG.

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 financial statements are prepared in GBP rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Turnover

Project Funding Income
Project Funding Income is recognised in the Statement of Income and Retained Earnings when services have been provided and costs expended.  Project Funding Income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.  Project Funding Income received for future activities is deferred on the Statement of Financial Position.

 
2.3

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
-
33%
straight line

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.

Page 2

 
TFN (EDUCATION) LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

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. 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.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

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.

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
Page 3

 
TFN (EDUCATION) LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

 
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 statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.


3.


Employees

The average monthly number of employees during the year was 5 (2022 - 6).

Page 4

 
TFN (EDUCATION) LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 March 2022
33,961


Additions
693



At 28 February 2023

34,654



Depreciation


At 1 March 2022
22,815


Charge for the year on owned assets
5,830



At 28 February 2023

28,645



Net book value



At 28 February 2023
6,009



At 28 February 2022
11,146


5.


Debtors

2023
2022
£
£


Prepayments and accrued income
11,984
13,160



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Accruals and deferred income
154,815
183,708


Page 5

 
TFN (EDUCATION) LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


7.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


8.


Related party transactions

For the whole year, the company had no ultimate controlling party.


9.


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 29 November 2023 by Keely Harvey FCA (senior statutory auditor) on behalf of Shaw Gibbs (Audit) Limited.

 
Page 6