Registration number:
Digital Education Company UK Limited
for the Year Ended 31 December 2023
Digital Education Company UK Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Digital Education Company UK Limited
(Registration number: 11838460)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions relating to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
M Callahan
Director
Digital Education Company UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A'), and with the Companies Act 2006.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the ongoing support of certain related parties. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Specifically, judgements and estimates are used in determining the recoverability of trade debtors.
Digital Education Company UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
• The company recognises revenue when:
• The amount of revenue can be reliably measured;
• It is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Taxation
The taxation expense represents the aggregate amount of current 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
33.33% straight line |
Digital Education Company UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Financial instruments
Classification
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
Impairment
Foreign currency transactions and balances
Monetary assets and liabilities denominated in foreign currencies are translated into the reported currency at closing rates ruling at the balance sheet date. All revaluation differences and realised foreign exchange differences are taken to the profit and loss account.
Digital Education Company UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Trade and other debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade and other creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Audit report
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Digital Education Company UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
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Current taxation |
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UK corporation tax |
- |
- |
- |
- |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK of 25% (2022 - 19%)
2023 |
2022 |
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Profit/(loss) before tax |
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( |
Corporation tax at standard rate |
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- |
Tax decrease from effect of capital allowances and depreciation |
( |
- |
Tax effect of utilisation of tax losses brought forward |
( |
- |
Total tax charge/(credit) |
- |
- |
The main rate of corporation tax increased from 19% to 25% on 1 April 2023.
Digital Education Company UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Deferred tax
Deferred tax assets and liabilities
There are £84,140 of unused tax losses (2022 - £97,556) for which no deferred tax asset is recognised in the Balance Sheet.
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts due from group undertakings |
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Prepayments and accrued income |
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Digital Education Company UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
- |
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Other taxation and social security |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Related party transactions |
The company has taken advantage of the exemptions in FRS102 1AC.35 "Related party disclosures" from disclosing transactions with other members of the group.
Inter-company balances are unsecured and interest free.
Parent and ultimate parent undertaking |
The company's immediate parent is Digital Education Company Limited, incorporated in Canada.
The ultimate parent is DE Holdings LP, incorprated in the Cayman Islands.