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Registered number: 07611972
Equal Education Partners Ltd
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07611972
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 22,220 22,220
Tangible Assets 5 11,606 9,593
33,826 31,813
CURRENT ASSETS
Stocks 6 319,987 145,694
Debtors 7 381,285 426,024
Cash at bank and in hand 8 35,565
701,280 607,283
Creditors: Amounts Falling Due Within One Year 8 (441,415 ) (507,233 )
NET CURRENT ASSETS (LIABILITIES) 259,865 100,050
TOTAL ASSETS LESS CURRENT LIABILITIES 293,691 131,863
Creditors: Amounts Falling Due After More Than One Year 9 (245,566 ) (131,284 )
NET ASSETS 48,125 579
CAPITAL AND RESERVES
Called up share capital 10 102 102
Profit and Loss Account 48,023 477
SHAREHOLDERS' FUNDS 48,125 579
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L N Rahman
Director
27th August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Equal Education Partners Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07611972 . The registered office is 12 Axis Court (First Floor)Riverside Business Park, Mallard Way, Swansea, SA7 0AJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
Goodwill is subject to an annual impairment review. At the balance sheet date the directors believed that there had been no diminution in the value of goodwill.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are measured at cost less accumulated amortisation and any accumulated impairment losses. It is amortised to the profit and loss account over its estimated economic life.
Intellectual property is subject to an annual impairment review. At the balance sheet date the directors believed that there had been no diminution in the value of Intellectual property.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 351 (2023: 321)
351 321
4. Intangible Assets
Goodwill Intellectual Property Total
£ £ £
Cost
As at 1 May 2023 22,000 220 22,220
As at 30 April 2024 22,000 220 22,220
Net Book Value
As at 30 April 2024 22,000 220 22,220
As at 1 May 2023 22,000 220 22,220
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5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 May 2023 30,280
Additions 4,427
As at 30 April 2024 34,707
Depreciation
As at 1 May 2023 20,687
Provided during the period 2,414
As at 30 April 2024 23,101
Net Book Value
As at 30 April 2024 11,606
As at 1 May 2023 9,593
6. Stocks
2024 2023
£ £
Work in progress 319,987 145,694
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 367,322 418,080
Prepayments and accrued income 3,963 -
Other debtors 10,000 7,944
381,285 426,024
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 30,099 1,777
Bank loans and overdrafts 111,802 54,824
Corporation tax 30,294 3,351
Other taxes and social security 81,553 82,892
VAT 164,037 146,221
Net wages 16,959 22,002
Pension payable 4,951 4,670
Earnings orders payable 652 348
Accrued expense - 7,137
Accruals and deferred income - 182,455
Directors' loan accounts 1,068 1,556
441,415 507,233
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 245,566 131,284
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
11. Controlling Party
The company's controlling party is Mr LN Rahman by virtue of their ownership of 100% of the issued share capital in the company.
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