Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31false2023-08-01falseEducation4248truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06055034 2023-08-01 2024-07-31 06055034 2022-08-01 2023-07-31 06055034 2024-07-31 06055034 2023-07-31 06055034 2022-08-01 06055034 c:Director2 2023-08-01 2024-07-31 06055034 d:Buildings 2023-08-01 2024-07-31 06055034 d:PlantMachinery 2023-08-01 2024-07-31 06055034 d:PlantMachinery 2024-07-31 06055034 d:PlantMachinery 2023-07-31 06055034 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 06055034 d:PatentsTrademarksLicencesConcessionsSimilar 2024-07-31 06055034 d:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 06055034 d:CurrentFinancialInstruments 2024-07-31 06055034 d:CurrentFinancialInstruments 2023-07-31 06055034 d:Non-currentFinancialInstruments 2024-07-31 06055034 d:Non-currentFinancialInstruments 2023-07-31 06055034 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 06055034 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 06055034 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 06055034 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 06055034 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-07-31 06055034 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 06055034 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-07-31 06055034 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 06055034 d:ShareCapital 2023-08-01 2024-07-31 06055034 d:ShareCapital 2024-07-31 06055034 d:ShareCapital 2022-08-01 2023-07-31 06055034 d:ShareCapital 2023-07-31 06055034 d:ShareCapital 2022-08-01 06055034 d:SharePremium 2023-08-01 2024-07-31 06055034 d:SharePremium 2024-07-31 06055034 d:SharePremium 2022-08-01 2023-07-31 06055034 d:SharePremium 2023-07-31 06055034 d:SharePremium 2022-08-01 06055034 d:ForeignCurrencyTranslationReserve 2023-08-01 2024-07-31 06055034 d:OtherMiscellaneousReserve 2024-07-31 06055034 d:OtherMiscellaneousReserve 2023-07-31 06055034 d:OtherMiscellaneousReserve 2022-08-01 06055034 d:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 06055034 d:RetainedEarningsAccumulatedLosses 2024-07-31 06055034 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 06055034 d:RetainedEarningsAccumulatedLosses 2023-07-31 06055034 d:RetainedEarningsAccumulatedLosses 2022-08-01 06055034 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 06055034 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 06055034 d:TaxLossesCarry-forwardsDeferredTax 2024-07-31 06055034 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 06055034 d:OtherDeferredTax 2024-07-31 06055034 d:OtherDeferredTax 2023-07-31 06055034 c:FRS102 2023-08-01 2024-07-31 06055034 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 06055034 c:FullAccounts 2023-08-01 2024-07-31 06055034 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 06055034 d:PatentsTrademarksLicencesConcessionsSimilar d:InternallyGeneratedIntangibleAssets 2023-08-01 2024-07-31 06055034 2 2023-08-01 2024-07-31 06055034 6 2023-08-01 2024-07-31 06055034 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-08-01 2024-07-31 06055034 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number:  06055034














TEACHERCENTRIC LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


 
TEACHERCENTRIC LIMITED
REGISTERED NUMBER: 06055034

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,907,717
1,628,783

Tangible assets
 5 
29,034
37,855

Investments
 6 
822
822

  
2,937,573
1,667,460

Current assets
  

Debtors: amounts falling due within one year
 7 
5,174,466
4,144,413

Cash at bank and in hand
 8 
357,427
213,057

  
5,531,893
4,357,470

Creditors: amounts falling due within one year
 9 
(3,901,336)
(4,153,787)

Net current assets
  
 
 
1,630,557
 
 
203,683

Total assets less current liabilities
  
4,568,130
1,871,143

Creditors: amounts falling due after more than one year
 10 
(297,102)
(31,566)

Provisions for liabilities
  

Deferred tax
 12 
-
(4,854)

  
 
 
-
 
 
(4,854)

Net assets
  
4,271,028
1,834,723


Capital and reserves
  

Called up share capital 
  
96,383
49,241

Share premium account
 13 
13,131,397
11,069,447

Other reserves
 13 
212,300
212,300

Profit and loss account
 13 
(9,169,052)
(9,496,265)

  
4,271,028
1,834,723


Page 1

 
TEACHERCENTRIC LIMITED
REGISTERED NUMBER: 06055034
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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.

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




N Gohil
Director

Date: 20 November 2024

The notes on pages 4 to 14 form part of these financial statements.

Page 2

 
TEACHERCENTRIC LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 August 2022
2,991
9,132,196
212,300
(10,197,287)
(849,800)


Comprehensive income for the year

Profit for the year
-
-
-
701,022
701,022


Contributions by and distributions to owners

Shares issued during the year
46,250
2,266,251
-
-
2,312,501

Shares redeemed during the year
-
(329,000)
-
-
(329,000)



At 1 August 2023
49,241
11,069,447
212,300
(9,496,265)
1,834,723


Comprehensive income for the year

Profit for the year
-
-
-
327,213
327,213


Contributions by and distributions to owners

Shares issued during the year
47,142
2,309,949
-
-
2,357,091

Fundraising expenses
-
(247,999)
-
-
(247,999)


At 31 July 2024
96,383
13,131,397
212,300
(9,169,052)
4,271,028


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Teachercentric Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06055034 and registered office address is Exchange House, 7th Floor (Zego), 12 Primrose Street, London EC2A 4BQ.
The principal activity of the company is the provision of software solutions and services to the education sector.

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 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.

Page 4

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

  
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, net of discounts and rebates, and excluding value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  the amount of turnover can be measured reliably;
  it is probable that the Company will receive the consideration due under the contract;
  the stage of completion of the contract at the end of the reporting period can be measured       reliably; and
  the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

 
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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Share-based payments

The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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:

Improvements to property
-
Straight line over the life of the lease
Plant and machinery
-
33% on cost and 25% on cost

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

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.

 
2.16

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.

 
2.17

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.

Page 7

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 42 (2023: 48).


4.


Intangible assets




Other intangible assets

£



Cost


At 1 August 2023
1,871,282


Additions - internal
1,993,486



At 31 July 2024

3,864,768



Amortisation


At 1 August 2023
242,499


Charge for the year on owned assets
714,552



At 31 July 2024

957,051



Net book value



At 31 July 2024
2,907,717



At 31 July 2023
1,628,783



Page 8

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 August 2023
119,414


Additions
11,685



At 31 July 2024

131,099



Depreciation


At 1 August 2023
81,559


Charge for the year on owned assets
20,506



At 31 July 2024

102,065



Net book value



At 31 July 2024
29,034



At 31 July 2023
37,855


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
822



At 31 July 2024
822






Net book value



At 31 July 2024
822



At 31 July 2023
822

Page 9

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Debtors

2024
2023
£
£


Trade debtors
284,898
374,799

Amounts owed by group undertakings
4,426,700
3,602,210

Other debtors
356,195
49,670

Prepayments and accrued income
106,673
117,734

5,174,466
4,144,413


Included within other debtors due within one year is a loan to N. Gohil, a director, amounting to £42,366
(2023: £26,026). The main conditions were as follows:
Loans to the directors are repayable on demand. Interest is charged on all loans at the official rate of
interest set by HMRC.


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
357,427
213,057

357,427
213,057



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,883
9,727

Trade creditors
423,616
352,510

Other taxation and social security
298,784
347,677

Other creditors
125,364
26,155

Accruals and deferred income
3,043,689
3,417,718

3,901,336
4,153,787


Page 10

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
21,685
31,566

Other loans
275,417
-

297,102
31,566


The following liabilities were secured:

2024
2023
£
£



Other loans
275,417
-

275,417
-

Details of security provided:

Other loans were secured with fixed and floating charges over assets of the company.

Page 11

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,883
9,727


9,883
9,727

Amounts falling due 1-2 years

Bank loans
10,225
9,973


10,225
9,973

Amounts falling due 2-5 years

Bank loans
11,460
21,593

Other loans
275,417
-


286,877
21,593


306,985
41,293



12.


Deferred taxation




2024


£






At beginning of year
(4,854)


Charged to profit or loss
4,854



At end of year
-

Page 12

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
12.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(734,188)
(416,660)

Tax losses carried forward
1,191
1,002

Short term timing differences
732,997
410,804

-
(4,854)


13.


Reserves

Share premium account

The share premium account represents all amounts received for shares issued at a premium. 

Other reserves

The balance on other reserves represents the fair value of share-based payments awards granted to employees charged to profit and loss in the current and prior periods.

Profit and loss account

Retained earnings includes all current and prior period retained profits and losses less dividends paid.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £38,930 (2023: £45,156). Contributions totalling £12,701 (2023: £10,036) were payable to the fund at the balance sheet date and are included in creditors.


15.


Related party transactions


2024
2023
£
£

Loans to directors
41,606
26,025

Loans to the directors are repayable on demand. Interest is charged on all loans at the official rate of interest set by HMRC.
The company has taken advantage of the exemption allowed under FRS 102 as the parent company of a small group not to disclose intra-group transactions.

Page 13

 
TEACHERCENTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Share based payments transactions

The Company operates an equity settled Enterprise Management Incentive (EMI) Share Option Scheme. The options are granted with a fixed exercise price determined at the grant of the option. The options either vest over a period of up to 4 years or as performance milestones are achieved. The options are exercisable until up to the 10th anniversary from the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company.
The Company also operates an Unapproved Share Option Scheme. The options either vest over a period of up to 4 years or as performance milestones are achieved. The options are exercisable until up to the 10th anniversary from the date of grant.
11,478,455 share options have been granted as at 31 July 2024 (2023: 1,162,355).
The fair value of the options granted have been calculated using the Black Scholes model. The total charge for the period was £nil (2023: £Nil).

 
Page 14