REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2023 |
FOR |
SAM LEARNING HOLDINGS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2023 |
FOR |
SAM LEARNING HOLDINGS LIMITED |
SAM LEARNING HOLDINGS LIMITED (REGISTERED NUMBER: 06301479) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2023 |
Page |
Statement of Financial Position | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 7 |
SAM LEARNING HOLDINGS LIMITED (REGISTERED NUMBER: 06301479) |
STATEMENT OF FINANCIAL POSITION |
30 JULY 2023 |
30.7.23 | 30.7.22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SAM LEARNING HOLDINGS LIMITED (REGISTERED NUMBER: 06301479) |
STATEMENT OF FINANCIAL POSITION - continued |
30 JULY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SAM LEARNING HOLDINGS LIMITED (REGISTERED NUMBER: 06301479) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2023 |
1. | STATUTORY INFORMATION |
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor, 1 Ashley Road, Altrincham, WA14 2DT. The principal activity of the company is that of a holding company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Going concern |
The accounts have been prepared on the going concern basis. The directors believe this to be appropriate due to the ongoing financial support of the directors. |
Preparation of consolidated financial statements |
The financial statements contain information about SAM LEARNING HOLDINGS LIMITED as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
As described in the accounting policies of the financial statements, depreciation of intangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. |
The residual value of the intangible asset has been increased from nil to £3,000,000 based on the informed judgement of the directors. The intangible is being amortised to its residual value of £3,000,000 over its remaining life of seven years. The change is being applied prospectively. |
Intangible assets |
Patents and other intellectual property are valued at cost less accumulated amortisation. |
Investments in subsidiaries |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
SAM LEARNING HOLDINGS LIMITED (REGISTERED NUMBER: 06301479) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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. |
Corporation tax |
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. |
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
SAM LEARNING HOLDINGS LIMITED (REGISTERED NUMBER: 06301479) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
Amortisation |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: |
Licenses - 5% straight line |
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 31 July 2022 |
and 30 July 2023 |
AMORTISATION |
At 31 July 2022 |
Amortisation for year |
At 30 July 2023 |
NET BOOK VALUE |
At 30 July 2023 |
At 30 July 2022 |
SAM LEARNING HOLDINGS LIMITED (REGISTERED NUMBER: 06301479) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 31 July 2022 |
and 30 July 2023 |
NET BOOK VALUE |
At 30 July 2023 |
At 30 July 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.7.23 | 30.7.22 |
£ | £ |
Tax |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.7.23 | 30.7.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Directors' loan accounts | 317,726 | 251,455 |
Amounts due to group undertakings are unsecured, interest free and payable on demand. |
8. | SHARE OPTIONS |
The following share options were held at the year end: |
Brought forward |
Issued |
Cancelled |
Exercised |
Carried forward |
Granted 13 November 2018 |
1 |
- |
(1) |
- |
- |
Granted 4 March 2021 | 6 | - | (2) | - | 4 |
7 | - | (3) | - | 4 |
All of the above share options have an exercise price of £0.003415. |
The options are exercisable on an exit event and lapse on the tenth anniversary of the grant date. |
9. | EVENTS AFTER THE REPORTING PERIOD |
There were no significant events up to the date of approval of the financial statements by the Board. |
SAM LEARNING HOLDINGS LIMITED (REGISTERED NUMBER: 06301479) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2023 |
10. | GOING CONCERN |
The accounts have been prepared on the going concern basis. The directors believe this to be appropriate due to the ongoing financial support of the directors. |