Company registration number 10496769 (England and Wales)
HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
COMPANY INFORMATION
Directors
G Bild-Tofftin
(Appointed 23 May 2022)
M J Powell
(Appointed 13 October 2023)
Company number
10496769
Registered office
Cobalt Business Exchange
Cobalt Park Way
North Tyneside
England
NE28 9NZ
Auditor
Azets Audit Services
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
(Unaudited)
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
8,000
42,000
Tangible assets
5
34,284
24,333
42,284
66,333
Current assets
Debtors
6
740,631
638,492
Cash at bank and in hand
306,551
203,422
1,047,182
841,914
Creditors: amounts falling due within one year
7
(678,337)
(678,091)
Net current assets
368,845
163,823
Total assets less current liabilities
411,129
230,156
Creditors: amounts falling due after more than one year
8
(24,167)
-
Provisions for liabilities
(7,768)
(4,623)
Net assets
379,194
225,533
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
379,192
225,531
Total equity
379,194
225,533

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 30 November 2023 and are signed on its behalf by:
G Bild-Tofftin
Director
Company Registration No. 10496769
HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Humly North East Limited (formerly Exact Education Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Cobalt Business Exchange, Cobalt Park Way, North Tyneside, England, NE28 9NZ.

1.1
Reporting period

The financial statements for the period to 31 Decemebr 2022 represent a longer 13 month period. The financial year end was extended so that it aligns with other companies within the group. This results in the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account all discounts.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Database
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
20% reducing balance
HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Exceptional item
2022
2021
£
£
Expenditure
Exceptional expenses
180,052
-

In May 2022, the company was purchased by Humly Ltd and, as part of this acquisition process, the exiting directors' loan account balance was written off (see directors' transactions note).

 

Also included in the above, is £22,000 in relation to the write-off of the customer list that was previously capitalised as an intangible fixed asset in error (see intangible fixed assets note). No prior period adjustment has been made due to the amount being immaterial to the financial statements.

HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

(Unaudited)
2022
2021
Number
Number
Total
311
258
4
Intangible fixed assets
Database
£
Cost
At 1 December 2021
42,000
Other changes
(22,000)
At 31 December 2022
20,000
Amortisation and impairment
At 1 December 2021
-
0
Amortisation charged for the period
12,000
At 31 December 2022
12,000
Carrying amount
At 31 December 2022
8,000
At 30 November 2021
42,000

Other changes relate to an exceptional item for which further details can be found under note 2.

HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2021
32,876
Additions
16,310
At 31 December 2022
49,186
Depreciation and impairment
At 1 December 2021
8,543
Depreciation charged in the period
6,359
At 31 December 2022
14,902
Carrying amount
At 31 December 2022
34,284
At 30 November 2021
24,333
6
Debtors
(Unaudited)
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
447,244
456,463
Amounts owed by group undertakings
293,387
-
0
Other debtors
-
0
182,029
740,631
638,492
7
Creditors: amounts falling due within one year
(Unaudited)
2022
2021
£
£
Bank loans
10,000
-
0
Trade creditors
4,491
6,241
Taxation and social security
410,081
344,810
Other creditors
253,765
327,040
678,337
678,091

A charge was created on 20 July 2022 by Danske Bank A/S by means of both a fixed and floating charge over all the property and undertakings of the company.

HUMLY NORTH EAST LIMITED (FORMERLY EXACT EDUCATION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 8 -
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
24,167
-
0
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Jon Brand FCA and the auditor was Azets Audit Services.
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
23,196
25,432
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Amounts written off
Closing balance
£
£
£
£
£
S and K Lawrenson
-
182,029
241,095
(265,072)
(158,052)
-
182,029
241,095
(265,072)
(158,052)
-
12
Parent company

The company's immediate parent is Humly Limited, a company incorporated in England.

The ultimate controlling party of the company is Humly EdTech AB, a company incorporated in Sweden. Humly EdTech AB owns all the shares of Humly Limited, the immediate parent, a company incorporated in England.

 

Humly EdTech AB consolidated financial statements can be found at Bolagsverket, the Swedish company registrar.

2022-12-312021-12-01false30 November 2023CCH SoftwareCCH Accounts Production 2023.300The principal activity of the company continued to be that of providing a business recruitment agency specifically targeting the education market.
This audit opinion is unqualifiedG Bild-TofftinK LawrensonS LawrensonA ShanksM J Powellfalse
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