Registration number:
Interactive Learning Solutions Limited
for the Year Ended 31 October 2023
Interactive Learning Solutions Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Interactive Learning Solutions Limited
Company Information
Directors |
T Marsicano T Paduano B Jordan |
Registered office |
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Accountants |
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Interactive Learning Solutions Limited
(Registration number: 07240680)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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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 |
100 |
100 |
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Retained earnings |
(22,025) |
(10,542) |
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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:
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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
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Interactive Learning Solutions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
Recognition and measurement
Impairment
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
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
Investments |
2023 |
2022 |
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Investments in associates |
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Associates |
£ |
Cost |
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At 1 November 2022 |
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Additions |
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At 31 October 2023 |
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Provision |
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At 1 November 2022 |
- |
Provision |
- |
At 31 October 2023 |
- |
Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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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 |
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Turkey |
Ordinary Shares |
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Russia |
Ordinary Shares |
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Associates |
ILS Istanbul The principal activity of ILS Istanbul is |
ILS Eurasia The principal activity of ILS Eurasia is |
Interactive Learning Solutions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Debtors |
2023 |
2022 |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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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.