Registered number
06725742
Affinity Education Limited
Unaudited Filleted Accounts
31 August 2023
Affinity Education Limited
Registered number: 06725742
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,991 3,769
Current assets
Debtors 4 16,560 31,483
Cash at bank and in hand 95,694 83,126
112,254 114,609
Creditors: amounts falling due within one year 5 (91,920) (82,298)
Net current assets 20,334 32,311
Total assets less current liabilities 23,325 36,080
Creditors: amounts falling due after more than one year 6 (22,273) (35,000)
Provisions for liabilities (688) (716)
Net assets 364 364
Capital and reserves
Called up share capital 100 100
Profit and loss account 264 264
Shareholders' funds 364 364
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Barton
Director
Approved by the board on 23 November 2023
Affinity Education Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and office equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 159 139
3 Tangible fixed assets
Fixtures, fittings and office equipment
£
Cost
At 1 September 2022 5,870
Additions 815
At 31 August 2023 6,685
Depreciation
At 1 September 2022 2,101
Charge for the year 1,593
At 31 August 2023 3,694
Net book value
At 31 August 2023 2,991
At 31 August 2022 3,769
4 Debtors 2023 2022
£ £
Trade debtors 7,421 10,010
Directors loans 2,489 15,095
Other debtors 6,650 6,378
16,560 31,483
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 12,727 12,727
Trade creditors 1,025 1,332
Taxation and social security costs 72,280 60,442
Other creditors 5,888 7,797
91,920 82,298
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,273 35,000
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 35,000 47,727
The company received a CBILs loan in the year ended 31 Aug 2020, backed by UK government paying interest accrued in the first year, of £70,000. The loan is repayable over 6 years and required for working capital. Charge over the assets of the company.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 14,025 19,125
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M Barton
Loan 1 4,511 54,975 (58,933) 553
H Stockdale-Smith
Loan 1 10,584 55,227 (63,875) 1,936
15,095 110,202 (122,808) 2,489
Loans to directors are charged at an interest rate of 2.0% pa from 1 April 2021 to 31 March 2023 increasing to 2.25% from 1 April 2023 and are due on demand.
10 Controlling party
The Company is owned by the 2 Directors each owning 50% of the shares.
11 Other information
Affinity Education Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ground Floor Offices, Windsor Lofts
Windsor Road
Barry
Vale of Glamorgan
CF62 7BE
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