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Registration number: 09587724

Edunion UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 14 September 2023

 

Edunion UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Edunion UK Limited

Company Information

Directors

Mr Q Chen

Mr S Hughes

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Edunion UK Limited

(Registration number: 09587724)
Balance Sheet as at 14 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,217

931

Current assets

 

Debtors

5

45,550

20,530

Cash at bank and in hand

 

31,437

2,007

 

76,987

22,537

Creditors: Amounts falling due within one year

6

(109,217)

(110,412)

Net current liabilities

 

(32,230)

(87,875)

Total assets less current liabilities

 

(31,013)

(86,944)

Creditors: Amounts falling due after more than one year

6

(28,784)

(33,249)

Net liabilities

 

(59,797)

(120,193)

Capital and reserves

 

Called up share capital

20,000

20,000

Retained earnings

(79,797)

(140,193)

Shareholders' deficit

 

(59,797)

(120,193)

For the financial year ending 14 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.

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 

 

Edunion UK Limited

(Registration number: 09587724)
Balance Sheet as at 14 September 2023

.........................................
Mr S Hughes
Director

   
     
 

Edunion UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 14 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:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

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.

Going concern

The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to support the company to enable it to meet its obligations as they fall due.

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 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.

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 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.

 

Edunion UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 14 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 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

20% straight line

Fixtures and fittings

20% straight line

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Edunion UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 14 September 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

 

Edunion UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 14 September 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 15 September 2022

-

2,486

2,486

Additions

618

362

980

At 14 September 2023

618

2,848

3,466

Depreciation

At 15 September 2022

-

1,555

1,555

Charge for the year

124

570

694

At 14 September 2023

124

2,125

2,249

Carrying amount

At 14 September 2023

494

723

1,217

At 14 September 2022

-

931

931

5

Debtors

2023
£

2022
£

Prepayments

2,044

-

Other debtors

43,506

20,530

 

45,550

20,530

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

98,200

106,944

Taxation and social security

 

-

483

Accruals and deferred income

 

11,017

2,853

Other creditors

 

-

132

 

109,217

110,412

 

Edunion UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 14 September 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

28,784

33,249

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,784

33,249

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,626

5,625

Director's loan accounts

92,574

101,319

98,200

106,944

The director's loans are non-interest bearing and repayable on demand.