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Company No: 03029969 (England and Wales)

TELLUS EDUCATION GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TELLUS EDUCATION GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TELLUS EDUCATION GROUP LIMITED

BALANCE SHEET

As at 31 December 2023
TELLUS EDUCATION GROUP LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 330,335 210,341
330,335 210,341
Current assets
Debtors 4 191,249 301,025
Cash at bank and in hand 10,745 29,648
201,994 330,673
Creditors: amounts falling due within one year 5 ( 321,381) ( 181,324)
Net current (liabilities)/assets (119,387) 149,349
Total assets less current liabilities 210,948 359,690
Creditors: amounts falling due after more than one year 6 ( 288,989) ( 309,134)
Provision for liabilities ( 33,646) ( 45,975)
Net (liabilities)/assets ( 111,687) 4,581
Capital and reserves
Called-up share capital 7 106 106
Profit and loss account ( 111,793 ) 4,475
Total shareholder's (deficit)/funds ( 111,687) 4,581

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tellus Education Group Limited (registered number: 03029969) were approved and authorised for issue by the Board of Directors on 01 August 2024. They were signed on its behalf by:

Mr N A Pick
Director
TELLUS EDUCATION GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TELLUS EDUCATION GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tellus Education Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover represents amounts chargeable in respect of the sale of services to customers, net of value added tax. Revenue is recognised at the commencement of service.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is deemed to be five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 16

3. Intangible assets

Development costs Total
£ £
Cost
At 01 January 2023 210,341 210,341
Additions 162,062 162,062
At 31 December 2023 372,403 372,403
Accumulated amortisation
At 01 January 2023 0 0
Charge for the financial year 42,068 42,068
At 31 December 2023 42,068 42,068
Net book value
At 31 December 2023 330,335 330,335
At 31 December 2022 210,341 210,341

4. Debtors

2023 2022
£ £
Trade debtors 0 67,357
Amounts owed by Group undertakings 150,641 150,641
Prepayments 888 8,393
Corporation tax 35,214 72,153
Other debtors 4,506 2,481
191,249 301,025

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured £ 9,560) 60,670 68,350
Trade creditors 16,542 35,925
Amounts owed to Group undertakings 176,709 40,460
Other taxation and social security 22,740 30,498
Other creditors 44,720 6,091
321,381 181,324

A loan of £9,560 is secured in the form of a debenture by way of fixed and floating charge on assets of the company.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured £ 41,155) 288,989 309,134

A loan of £41,155 is secured in the form of a debenture by way of fixed and floating charge on assets of the company.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
6 Ordinary A shares of £ 1.00 each 6 6
100 Ordinary B shares of £ 1.00 each 100 100
106 106

8. Ultimate controlling party

Parent Company:

The company's immediate parent is Tellus Group Limited, incorporated in England and Wales.

These financial statements are available upon request from Companies House, Crown Way, Cardiff.