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Registration number: 07240680

Interactive Learning Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Interactive Learning Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Interactive Learning Solutions Limited

Company Information

Directors

T Marsicano

T Paduano

B Jordan

Registered office

7 Bell Yard
London
WC2A 2JR

Accountants

Accountax Plus
Chartered Accountants
Sandy Cottage
Newton in Cartmel
Grange over Sands
LA11 6JL

 

Interactive Learning Solutions Limited

(Registration number: 07240680)

Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

5

9,727

9,727

Current assets

 

Debtors

6

1,404

1,531

Cash at bank and in hand

 

32,623

42,799

 

34,027

44,330

Creditors: Amounts falling due within one year

7

(65,679)

(64,499)

Net current liabilities

 

(31,652)

(20,169)

Net liabilities

 

(21,925)

(10,442)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(22,025)

(10,542)

Shareholders' deficit

 

(21,925)

(10,442)

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
T Marsicano
Director

 

Interactive Learning Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
7 Bell Yard
London
WC2A 2JR

These financial statements were authorised for issue by the Board on 22 October 2024.

2

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

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

The financial statements have been prepared on a going concern basis which the directors consider appropriate having regard to the circumstances outlined in the directors' report.

Revenue recognition

Turnover represents the value of consideration for goods and services provided stated net of value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Interactive Learning Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax charge or credit for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods and services provided 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 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.

 

Interactive Learning Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments
 

Classification
The following assets and liabilities are classified as basic financial instruments; cash, trade debtors, other debtors (excluding prepayments), accrued income, trade creditors, accruals, bank and other borrowings.

 Recognition and measurement
The recognition and measurement of these financial instruments is as described under the relevant section within this note on accounting policies. Except as disclosed elsewhere within this note basic financial instruments are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment.

 Impairment
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, under a written or implied contract of service, was 2 (2022 - 2).

4

Taxation

Deferred tax

There are £30,110 of unused tax losses (2022 - £18,627) for which no deferred tax asset is recognised in the Balance Sheet.

 

Interactive Learning Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Investments

2023
£

2022
£

Investments in associates

9,727

9,727

Associates

£

Cost

At 1 November 2022

9,727

Additions

-

At 31 October 2023

9,727

Provision

At 1 November 2022

-

Provision

-

At 31 October 2023

-

Carrying amount

At 31 October 2023

9,727

At 31 October 2022

9,727

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Associates

ILS Istanbul

Turkey

Ordinary Shares

50%

50%

 

     

ILS Eurasia

Russia

Ordinary Shares

20%

20%

 

     

Associates

ILS Istanbul

The principal activity of ILS Istanbul is commercial training. Its financial period end is 31 December. The profit for the financial period of ILS Istanbul was £823 and the aggregate amount of Capital and reserves at the end of the period was £4,483.

ILS Eurasia

The principal activity of ILS Eurasia is commercial training. Its financial period end is 31 December. The loss for the financial period of ILS Eurasia was £63,422 and the aggregate amount of Capital and reserves at the end of the period was £187,762.

 

Interactive Learning Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

2023
£

2022
£

Other debtors

718

869

Prepayments

686

662

1,404

1,531

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

14,867

13,437

Accruals and deferred income

1,062

1,312

Other creditors

49,750

49,750

65,679

64,499

8

Related party transactions

Other transactions with directors

During the year the company incurred management fees totalling £500 (2022 - £Nil) payable to B Jordan. All transactions are on an arm's length basis.