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COMPANY REGISTRATION NUMBER: 09023294
Hable Education Limited
Filleted Unaudited Financial Statements
30 June 2023
Hable Education Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
46,488
66,881
Current assets
Debtors
6
438,165
373,965
Cash at bank and in hand
304,756
732,330
---------
------------
742,921
1,106,295
Creditors: amounts falling due within one year
7
609,030
340,291
---------
------------
Net current assets
133,891
766,004
---------
---------
Total assets less current liabilities
180,379
832,885
---------
---------
Net assets
180,379
832,885
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
179,379
831,885
---------
---------
Shareholders funds
180,379
832,885
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hable Education Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Mr M Reynolds
Director
Company registration number: 09023294
Hable Education Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 3 Bignell Park Barns, Chesterton, Oxford, OX26 1TD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
5% reducing balance
Equipment
-
25% reducing balance
Office equipment
-
25% reducing balance
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2022: 30 ).
5. Tangible assets
Land and buildings
Equipment
Office equipment
Total
£
£
£
£
Cost
At 1 July 2022
49,368
24,821
30,572
104,761
Additions
5,559
5,559
Disposals
( 20,473)
( 29,418)
( 49,891)
--------
--------
--------
---------
At 30 June 2023
49,368
9,907
1,154
60,429
--------
--------
--------
---------
Depreciation
At 1 July 2022
7,500
14,393
15,987
37,880
Charge for the year
2,468
2,218
145
4,831
Disposals
( 13,359)
( 15,411)
( 28,770)
--------
--------
--------
---------
At 30 June 2023
9,968
3,252
721
13,941
--------
--------
--------
---------
Carrying amount
At 30 June 2023
39,400
6,655
433
46,488
--------
--------
--------
---------
At 30 June 2022
41,868
10,428
14,585
66,881
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
153,989
181,665
Amounts owed by group undertakings and undertakings in which the company has a participating interest
250,533
169,126
Other debtors
33,643
23,174
---------
---------
438,165
373,965
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
46,536
18,535
Corporation tax
70,641
Social security and other taxes
254,298
174,185
Pensions payable
5,096
6,563
Other creditors
303,100
70,367
---------
---------
609,030
340,291
---------
---------
8. Related party transactions
The company was under the control of Mr Mark Reynolds throughout the current period. Mr Reynolds is the majority shareholder. Dividends of £63,500 were paid to the directors in the year (2022: £151,370). No other transactions with related parties were undertaken such as are required to be disclosed under FRS102.