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Registered number: 03413411










KNOWLEDGEPOINT LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
KNOWLEDGEPOINT LIMITED
REGISTERED NUMBER: 03413411

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
18 months period ended 28 Febraury 
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
419,420
376,350

Tangible assets
 5 
304,706
459,879

Investments
 6 
8
8

  
724,134
836,237

Current assets
  

Stocks
 7 
102,382
101,831

Debtors: amounts falling due within one year
 8 
1,124,045
938,369

Cash at bank and in hand
 9 
1,666,203
1,330,380

  
2,892,630
2,370,580

Creditors: amounts falling due within one year
 10 
(2,899,999)
(2,468,703)

Net current liabilities
  
 
 
(7,369)
 
 
(98,123)

Total assets less current liabilities
  
716,765
738,114

Creditors: amounts falling due after more than one year
 11 
(377,316)
(565,385)

  

Net assets
  
339,449
172,729


Capital and reserves
  

Called up share capital 
 14 
126
126

Capital redemption reserve
  
40
40

Profit and loss account
  
339,283
172,563

  
339,449
172,729


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
KNOWLEDGEPOINT LIMITED
REGISTERED NUMBER: 03413411

BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
A M Philpot
Director
Date: 10 October 2024

Page 2

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

KnowledgePoint Limited is a private company limited by shares and incorporated in England & Wales. The address of their principal place of business is 50-56 Portman Road, Reading, Berkshire, RG30 1EA.
The principal activity of the company continued to be the consultancy and production of ''on demand'' electronic printing products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.3

Turnover

Turnover comprises of revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
With regards to the distributor agreements, turnover is recorded gross of costs when the work carried out is deemed to be over and above merely an invoicing function.
Income received in relation to authorised training centre subscriptions are recognised over the term the contract relates to.
Monies received in relation to "Marketing funds" are recognised as the associated costs are incurred.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time
Page 3

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.4
Operating leases: the Company as lessee (continued)

pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
25% reducing balance
Plant and machinery
-
over 3-9 years
Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance
Computer equipment
-
over 3-8 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 5

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company legal or constructive obligation that probably requires settlement by transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 45 (2023 - 55).

Page 6

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Intangible assets






Development expenditure

£



Cost


At 1 March 2023
376,350


Additions
43,070



At 29 February 2024

419,420






Net book value



At 29 February 2024
419,420



At 28 February 2023
376,350



Page 7

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2023
10,731
1,515,187
8,580
86,731
366,950
1,988,179


Additions
-
-
-
-
6,692
6,692


Disposals
-
(2,999)
-
-
-
(2,999)



At 29 February 2024

10,731
1,512,188
8,580
86,731
373,642
1,991,872



Depreciation


At 1 March 2023
4,510
1,180,200
8,286
54,286
281,018
1,528,300


Charge for the year
2,683
109,519
73
14,655
34,935
161,865


Disposals
-
(2,999)
-
-
-
(2,999)



At 29 February 2024

7,193
1,286,720
8,359
68,941
315,953
1,687,166



Net book value



At 29 February 2024
3,538
225,468
221
17,790
57,689
304,706



At 28 February 2023
6,221
334,987
294
32,445
85,932
459,879

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


29 February
28 February
2024
2023
£
£



Plant and machinery
225,468
334,987

225,468
334,987

Page 8

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
8



At 29 February 2024
8





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Engage Global Solutions Limited
Provider of Global Education Programs, Certificates and Courseware for the IT training industry
Ordinary
100%
KnowledgeCast Limited
Dormant
Ordinary
100%
MyLivebook Limited
Dormant
Ordinary
100%
KnowledgeXmedia Limited
Dormant
Ordinary
100%

The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Aggregate of share capital and reserves
£

Engage Global Solutions Limited
18,656

KnowledgeCast Limited
2

MyLivebook Limited
2

KnowledgeXmedia Limited
2

Page 9

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Stocks

29 February
28 February
2024
2023
£
£

Finished goods and goods for resale
102,382
101,831



8.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
788,946
680,191

Amounts owed by group undertakings
394
-

Other debtors
276,403
199,856

Tax recoverable
58,302
58,322

1,124,045
938,369



9.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
1,666,203
1,330,380

1,666,203
1,330,380



10.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
80,000
80,000

Trade creditors
1,166,755
727,628

Amounts owed to group undertakings
2
1,325

Other taxation and social security
29,079
29,078

Obligations under finance lease and hire purchase contracts
33,637
86,678

Other creditors
1,590,526
1,543,994

2,899,999
2,468,703


Page 10

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
127,799
216,855

Obligations under finance leases and hire purchase contracts
5,517
38,530

Other creditors
244,000
310,000

377,316
565,385



12.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
80,000
80,000


80,000
80,000

Amounts falling due 1-2 years

Bank loans
80,000
80,000


80,000
80,000

Amounts falling due 2-5 years

Bank loans
47,799
136,855


47,799
136,855


207,799
296,855


The loan is secured against a cross company debenture with Engage Global Solutions Limited, for the total loan amount. The loan is interest bearing, from June 2021, and repayable over the agreed term.

Page 11

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

29 February
28 February
2024
2023
£
£


Within one year
33,637
86,678

Between 1-5 years
5,517
38,530

39,154
125,208

Hire purchase contracts are secured against the assets to which they relate.


14.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



12,000 (2023 - 12,000) Ordinary A shares of £0.01 each
120
120
2 (2023 - 2) Ordinary B shares of £1.00 each
2
2
2 (2023 - 2) Ordinary C shares of £1.00 each
2
2
2 (2023 - 2) Ordinary D shares of £1.00 each
2
2

126

126



15.


Related party transactions

During the period, dividends of £60,000 (2023: £78,000) were paid to the directors.
The company has taken the exemption under FRS 102 section 1A for disclosing related party transactions with other wholly owned members of the group.
At the period end the Company was owed £394 (2023: £(1,325)) by Engage Global Solutions Limited, a company related by common directors.
At the period end the Company was owed £2 (2023: £Nil) from InstructorBase Limited, a company related by common directors. 
At the period end the Company owed £158,000 (2023: £194,000) to A Philpot, a director and shareholder. The loan is interest free and repayable on demand. 
At the period end the Company owed £158,000 (2023: £194,000) to P Gibbons, a director and shareholder. The loan is interest free and repayable on demand. 


16.


Controlling party

The company is controlled by A Philpot and P Gibbons as a result of shareholdings held by themselves and their family members. 

Page 12

 
KNOWLEDGEPOINT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

17.


Auditor's information

The auditor's report on the financial statements for the year ended 29 February 2024 was unqualified.

The audit report was signed on 14 October 2024 by Alexander Peal BSc(Hons) FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 13