Registration number:
Engagement In Education Limited
for the Year Ended 30 June 2023
Engagement In Education Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Engagement In Education Limited
Company Information
Directors |
S B Leigh D Cowley A Cowley |
Registered office |
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Engagement In Education Limited
(Registration number: 06597276)
Balance Sheet as at 30 June 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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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
280 |
280 |
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Share premium reserve |
470,551 |
470,551 |
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Retained earnings |
(530,255) |
(485,576) |
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Shareholders' deficit |
(59,424) |
(14,745) |
For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The Directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Engagement In Education Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 06597276.
The address of its registered office is:
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 financial statements are presented in sterling and are rounded to the nearest pound.
Group accounts not prepared
Going concern
The directors recognise that there is significant concern over the ability of the company to continue as a going concern due to the net current liabilities of £75,322 and the insolvent balance sheet of £59,424, which are partly due to an overall director's loan balance of £68,052. The directors have confirmed that they will not seek repayment of this until the company has sufficient reserves to do so. The directors have a reasonable expectation that the company's financial position will improve and the directors and shareholders have confirmed they will continue to support the company.
The directors are satisfied that the company will continue as a going concern and that the financial statements can therefore be prepared on this basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of educational support 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.
Engagement In Education Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Office equipment |
15% Reducing balance |
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 Company 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 Company 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.
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 |
Internally generated software development costs |
10% on cost |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade debtors
Trade debtors are amounts due from customers for services sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts 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.
Engagement In Education Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
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 Directors) during the year, was
Intangible assets |
Software |
Total |
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Cost or valuation |
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At 1 July 2022 |
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At 30 June 2023 |
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Amortisation |
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At 1 July 2022 |
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Amortisation charge |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Engagement In Education Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 July 2022 |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Fair value |
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At 1 July 2022 |
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At 30 June 2023 |
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The investment in the subsidiary is at cost and this is deemed to be fair value as the company is dormant.
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Engagement In Education Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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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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Other borrowings |
68,052 |
27,424 |
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Bank borrowings |
7,713 |
7,974 |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank overdrafts |
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Other borrowings |
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Bank overdrafts are unsecured. Other borrowings relate to unsecured Director loan accounts.
Related party transactions |
Other transactions with Directors |
A & D Cowley
At the year end, the company owed the directors £67,274 (2022: £27,096). This amount is unsecured, interest free and repayable on demand.
S Leigh
At the year end, the company owed the director £778 (2022: £328). This amount is unsecured, interest free and repayable on demand.
Summary of transactions with subsidiaries
Summary of transactions with other related parties
At the year end, the company owed R Worrell (shareholder) £172 (2022: £172). This loan is unsecured, interest free and repayable on demand.
D Jamison
At the year end, the company owed D Jamison (shareholder) £172 (2022: £172). This loan is unsecured, interest free and repayable on demand.