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COMPANY REGISTRATION NUMBER: 13485538
Empowering Tomorrow's People Ltd
Filleted Unaudited Financial Statements
For the year ended
31 August 2023
Empowering Tomorrow's People Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
265,840
299,070
Tangible assets
6
163,468
39,902
---------
---------
429,308
338,972
Current assets
Debtors
7
1,931,670
523,571
Cash at bank and in hand
168,750
807,546
------------
------------
2,100,420
1,331,117
Creditors: amounts falling due within one year
8
1,463,105
1,143,250
------------
------------
Net current assets
637,315
187,867
------------
---------
Total assets less current liabilities
1,066,623
526,839
Creditors: amounts falling due after more than one year
9
219,486
------------
---------
Net assets
847,137
526,839
------------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
847,037
526,739
---------
---------
Shareholders funds
847,137
526,839
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 April 2024 , and are signed on behalf of the board by:
E Lovett
Director
Company registration number: 13485538
Empowering Tomorrow's People Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brown's School Hawstead Lane, Chelsfield, Kent, BR6 7 PH, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Revenue from the rendering of services is recognised by reference to the stage of completion of the transaction at the end of the reporting period. Stage of completion is determined on a straight-line basis over the specified period of time to which the revenue relates.
Income 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill
-
10% 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other debtors and cash and bank balances, 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 receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other creditors, 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 receipts discounted at the market rate of interest for a similar debt instrument. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2022: 39 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
332,300
---------
Amortisation
At 1 September 2022
33,230
Charge for the year
33,230
---------
At 31 August 2023
66,460
---------
Carrying amount
At 31 August 2023
265,840
---------
At 31 August 2022
299,070
---------
6. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2022
3,421
1,751
13,000
33,881
52,053
Additions
125,567
15,117
140,684
---------
-------
--------
--------
---------
At 31 August 2023
128,988
1,751
13,000
48,998
192,737
---------
-------
--------
--------
---------
Depreciation
At 1 September 2022
342
438
3,250
8,121
12,151
Charge for the year
2,984
438
3,250
10,446
17,118
---------
-------
--------
--------
---------
At 31 August 2023
3,326
876
6,500
18,567
29,269
---------
-------
--------
--------
---------
Carrying amount
At 31 August 2023
125,662
875
6,500
30,431
163,468
---------
-------
--------
--------
---------
At 31 August 2022
3,079
1,313
9,750
25,760
39,902
---------
-------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
856,450
226,800
Other debtors
1,075,220
296,771
------------
---------
1,931,670
523,571
------------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
29,169
Trade creditors
784
4,273
Corporation tax
163,347
159,525
Social security and other taxes
29,293
Other creditors
1,240,512
979,452
------------
------------
1,463,105
1,143,250
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
219,486
---------
----
The bank loan is repayable in equal monthly instalments over the 60 month term of the loan. The interest rate of 21.9% per annum is fixed for the term of the loan.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
225,000
225,000
Later than 1 year and not later than 5 years
900,000
900,000
Later than 5 years
675,000
900,000
------------
------------
1,800,000
2,025,000
------------
------------
12. Directors' advances, credit and guarantees
Included within other debtors is a loan of £ 800,456 (2022: £ 295,307 ) due from the director, E Lovett . The loan bore interest at a rate of 2% per annum up to 31 March 2023 and 2.25% per annum thereafter. The loan is repayable on demand.
13. Related party transactions
During the year the company purchased flooring for £ 6,600 from a business controlled by a close family member of the directors .