Acorah Software Products - Accounts Production 14.5.501 false true true 31 August 2022 1 September 2021 false 1 September 2022 31 August 2023 31 August 2023 12370902 Mr Peter Read Mr Peter Read false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12370902 2022-08-31 12370902 2023-08-31 12370902 2022-09-01 2023-08-31 12370902 frs-core:CurrentFinancialInstruments 2023-08-31 12370902 frs-core:Non-currentFinancialInstruments 2023-08-31 12370902 frs-core:ComputerEquipment 2023-08-31 12370902 frs-core:ComputerEquipment 2022-09-01 2023-08-31 12370902 frs-core:ComputerEquipment 2022-08-31 12370902 frs-core:SharePremium 2023-08-31 12370902 frs-core:ShareCapital 2023-08-31 12370902 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 12370902 frs-bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 12370902 frs-bus:FilletedAccounts 2022-09-01 2023-08-31 12370902 frs-bus:SmallEntities 2022-09-01 2023-08-31 12370902 frs-bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 12370902 frs-bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 12370902 1 2022-09-01 2023-08-31 12370902 frs-bus:Director1 2022-09-01 2023-08-31 12370902 frs-countries:EnglandWales 2022-09-01 2023-08-31 12370902 2021-08-31 12370902 2022-08-31 12370902 2021-09-01 2022-08-31 12370902 frs-core:CurrentFinancialInstruments 2022-08-31 12370902 frs-core:Non-currentFinancialInstruments 2022-08-31 12370902 frs-core:SharePremium 2022-08-31 12370902 frs-core:ShareCapital 2022-08-31 12370902 frs-core:RetainedEarningsAccumulatedLosses 2022-08-31 12370902 frs-core:CurrentFinancialInstruments 2 2022-08-31
Registered number: 12370902
Persona Education Ltd
Financial Statements
For The Year Ended 31 August 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12370902
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 106 1,027
106 1,027
CURRENT ASSETS
Debtors 5 556 9,623
Cash at bank and in hand 1,999 617
2,555 10,240
Creditors: Amounts Falling Due Within One Year 6 (312,203 ) (395,369 )
NET CURRENT ASSETS (LIABILITIES) (309,648 ) (385,129 )
TOTAL ASSETS LESS CURRENT LIABILITIES (309,542 ) (384,102 )
Creditors: Amounts Falling Due After More Than One Year 7 (68,746 ) (95,637 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20 ) (584 )
NET LIABILITIES (378,308 ) (480,323 )
CAPITAL AND RESERVES
Called up share capital 8 1,343 1,061
Share premium account 267,606 47,439
Profit and Loss Account (647,257 ) (528,823 )
SHAREHOLDERS' FUNDS (378,308) (480,323)
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For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter Read
Director
28/03/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Persona Education Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12370902 . The registered office is 17-18 Berkeley Square, Bristol, BS8 1HB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis on the understanding that the current and non-current liabilities owed by the company will not be recalled at the detriment of the company. The balance sheet shows net liabilities of £378,308 on 31 August 2023 (2022: net liabilities of £480,323) and the directors are confident that with the ongoing support of the creditors, the company will have sufficient funds to continue to trade for the foreseeable future.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 3 years straight line
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 4)
2 4
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 September 2022 3,060
As at 31 August 2023 3,060
Depreciation
As at 1 September 2022 2,033
Provided during the period 921
As at 31 August 2023 2,954
Net Book Value
As at 31 August 2023 106
As at 1 September 2022 1,027
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 2,350
Prepayments and accrued income - 7,273
Other debtors 556 -
556 9,623
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 14,402 14,402
Bank loans and overdrafts 6,551 10,000
Other taxes and social security 91,721 70,868
Other creditors 9,430 10,747
Advanced Subscription Agreement - 104,258
Accruals and deferred income 2,234 -
Amounts owed to related parties 187,865 185,094
312,203 395,369
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 38,215 34,992
Directors loan account 30,531 60,645
68,746 95,637
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,343 1,061
9. Related Party Transactions
GGM Pte. Ltd.
Mr Peter Read is a director and shareholder in GGM Pte. Ltd., a Singapore-based company.
At the start of the financial period, a loan balance of £185,094 was owed to GGM Pte. Ltd..
During the financial period, £11,567 was repaid to GGM Pte. Ltd., and a further £14,338 was paid to Persona Education Ltd.
As of 31 August 2023, the balance of £187,865 was owed to GGM Pte. Ltd. by Persona Education Ltd.  This loan is interest free and repayable on demand.
10. Controlling Party
The company's controlling party is Mr Peter Read by virtue of his ownership of 74% of the issued share capital in the company.
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