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Registration number: 09215923

Education Business Partnership (NW) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Education Business Partnership (NW) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Education Business Partnership (NW) Limited

Company Information

Directors

Ms T A Gardiner

Mrs E J Woan

Registered office

Oswaldtwistle Mills Business And Conference Centre
Pickup Street
Accrington
BB5 0EY

Accountants

Rotherham Taylor Limited
Chartered Accountants
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Education Business Partnership (NW) Limited

(Registration number: 09215923)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,018

7,827

Current assets

 

Debtors

5

19,870

14,289

Cash at bank and in hand

 

70,778

102,668

 

90,648

116,957

Creditors: Amounts falling due within one year

6

(62,619)

(67,650)

Net current assets

 

28,029

49,307

Total assets less current liabilities

 

34,047

57,134

Creditors: Amounts falling due after more than one year

6

(32,870)

(38,426)

Provisions for liabilities

(1,143)

(1,487)

Net assets

 

34

17,221

Capital and reserves

 

Called up share capital

2

2

Retained earnings

32

17,219

Shareholders' funds

 

34

17,221

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

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.

 

Education Business Partnership (NW) Limited

(Registration number: 09215923)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 3 April 2024 and signed on its behalf by:
 

.........................................
Ms T A Gardiner
Director

.........................................
Mrs E J Woan
Director

 

Education Business Partnership (NW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Oswaldtwistle Mills Business And Conference Centre
Pickup Street
Accrington
BB5 0EY

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Government grants

Grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Education Business Partnership (NW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet, 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

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment 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.

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.

 

Education Business Partnership (NW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 

Education Business Partnership (NW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 10).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

19,029

19,029

Additions

223

223

Disposals

(649)

(649)

At 30 September 2023

18,603

18,603

Depreciation

At 1 October 2022

11,202

11,202

Charge for the year

2,006

2,006

Eliminated on disposal

(623)

(623)

At 30 September 2023

12,585

12,585

Carrying amount

At 30 September 2023

6,018

6,018

At 30 September 2022

7,827

7,827

 

Education Business Partnership (NW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Debtors

2023
£

2022
£

Trade debtors

15,868

13,212

Prepayments

1,746

723

Other debtors

2,256

354

19,870

14,289

Included within Other debtors is £1,743 which the directors owed the company at the year end. Section 455 tax has not been charged on the balance outstanding as the director has confirmed that the overdrawn amount will be repaid within 9 months of the year end.

 

Education Business Partnership (NW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

5,556

5,556

Trade creditors

 

4,576

127

Taxation and social security

 

22,059

25,416

Accruals and deferred income

 

6,874

7,718

Other creditors

 

23,554

28,833

 

62,619

67,650

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

32,870

38,426

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

32,870

38,426

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,556

5,556

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,649 (2022 - £9,629).