Company registration number SC524238 (Scotland)
MEET AND TEACH GLASGOW LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
MEET AND TEACH GLASGOW LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MEET AND TEACH GLASGOW LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
31 January 2024
30 November 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
220,544
229,113
Investment property
4
292,724
590,714
513,268
819,827
Current assets
Stocks
14,906
7,147
Debtors
5
144,786
148,845
Cash at bank and in hand
866
51,998
160,558
207,990
Creditors: amounts falling due within one year
6
(353,520)
(457,156)
Net current liabilities
(192,962)
(249,166)
Total assets less current liabilities
320,306
570,661
Creditors: amounts falling due after more than one year
7
(267,230)
(302,949)
Provisions for liabilities
(4,776)
(6,168)
Net assets
48,300
261,544
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
48,299
261,543
Total equity
48,300
261,544
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MEET AND TEACH GLASGOW LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr S Ravichandran
Director
Company Registration No. SC524238
MEET AND TEACH GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Meet and Teach Glasgow Ltd is a private company limited by shares incorporated in Scotland. The registered office is 20 Hamilton Road, Bothwell, Glasgow, United Kingdom, G71 8NA.
1.1
Reporting period
The financial statements are provided for a period which is greater than one year. For this reason, past and future periods are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation
Leasehold improvements
No depreciation
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
MEET AND TEACH GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MEET AND TEACH GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
2
3
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 December 2022 and 31 January 2024
201,440
3,000
10,768
17,527
15,096
247,831
Depreciation and impairment
At 1 December 2022
1,322
14,449
2,947
18,718
Depreciation charged in the period
3,141
1,172
4,256
8,569
At 31 January 2024
4,463
15,621
7,203
27,287
Carrying amount
At 31 January 2024
201,440
3,000
6,305
1,906
7,893
220,544
At 30 November 2022
201,440
3,000
9,446
3,078
12,149
229,113
MEET AND TEACH GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 December 2022
590,714
Transfers
(285,000)
Revaluations
(12,990)
At 31 January 2024
292,724
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
106,418
Amounts owed by group undertakings
110,374
Other debtors
34,412
42,427
144,786
148,845
6
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
15,288
14,477
Trade creditors
40,010
55,658
Amounts owed to group undertakings
71,278
Taxation and social security
40,423
120,251
Other creditors
257,799
195,492
353,520
457,156
7
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
263,230
298,949
Other creditors
4,000
4,000
267,230
302,949
8
Securities
Cambridge & Counties Bank Limited holds a floating charge over all the property and undertakings of the company.
MEET AND TEACH GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 7 -
9
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 50p each
2
2
1
1
10
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2024
2022
Amounts due to related parties
£
£
Other related parties
230,340
235,705
The following amounts were outstanding at the reporting end date:
2024
2022
Amounts due from related parties
£
£
Key management personnel
-
26,404
Other related parties
134,601
4,227
Other information
The above loans are unsecured, interest free and have no fixed terms of repayment.
11
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan
3.00
26,405
(26,405)
-
26,405
(26,405)
-
12
Parent company
The parent company is Megadodo Holiding Limited, registered at 1 Downfield Gardens, Bothwell, Glasgow, Scotland, G71 8UW.