EDUSPACE C.I.C.

Company Registration Number:
12195587 (England and Wales)

Unaudited statutory accounts for the year ended 30 September 2024

Period of accounts

Start date: 1 October 2023

End date: 30 September 2024

EDUSPACE C.I.C.

Contents of the Financial Statements

for the Period Ended 30 September 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

EDUSPACE C.I.C.

Directors' report period ended 30 September 2024

The directors present their report with the financial statements of the company for the period ended 30 September 2024

Principal activities of the company

The principal activity of the company is Education



Directors

The directors shown below have held office during the whole of the period from
1 October 2023 to 30 September 2024

Yejide Akiode
Paul Mayhew


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
4 January 2025

And signed on behalf of the board by:
Name: Yejide Akiode
Status: Director

EDUSPACE C.I.C.

Profit And Loss Account

for the Period Ended 30 September 2024

2024 2023


£

£
Turnover: 29,864 8,117
Cost of sales: ( 50 ) ( 435 )
Gross profit(or loss): 29,814 7,682
Administrative expenses: ( 42,351 ) ( 34,772 )
Operating profit(or loss): (12,537) (27,090)
Profit(or loss) before tax: (12,537) (27,090)
Profit(or loss) for the financial year: (12,537) (27,090)

EDUSPACE C.I.C.

Balance sheet

As at 30 September 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Tangible assets: 3 1,254 1,201
Total fixed assets: 1,254 1,201
Current assets
Debtors: 4 4,064 260
Cash at bank and in hand: 10,326 852
Total current assets: 14,390 1,112
Creditors: amounts falling due within one year: 5 ( 13,656 ) ( 22,788 )
Net current assets (liabilities): 734 (21,676)
Total assets less current liabilities: 1,988 ( 20,475)
Creditors: amounts falling due after more than one year: 6 ( 25,500 ) ( 25,000 )
Total net assets (liabilities): (23,512) (45,475)
Capital and reserves
Called up share capital: 34,501 1
Profit and loss account: (58,013 ) (45,476 )
Total Shareholders' funds: ( 23,512 ) (45,475)

The notes form part of these financial statements

EDUSPACE C.I.C.

Balance sheet statements

For the year ending 30 September 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 4 January 2025
and signed on behalf of the board by:

Name: Yejide Akiode
Status: Director

The notes form part of these financial statements

EDUSPACE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 September 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Income comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Income is shown net of sales/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

    Tangible fixed assets depreciation policy

    Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

    Other accounting policies

    Depreciation Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows: Asset class Office equipment Depreciation method and rate 25% Straight Line 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 merchandise sold or services performed 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. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income and expenditure account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

EDUSPACE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 September 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

EDUSPACE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 September 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 October 2023 2,455 2,455
Additions 415 415
Disposals
Revaluations
Transfers
At 30 September 2024 2,870 2,870
Depreciation
At 1 October 2023 1,254 1,254
Charge for year 362 362
On disposals
Other adjustments
At 30 September 2024 1,616 1,616
Net book value
At 30 September 2024 1,254 1,254
At 30 September 2023 1,201 1,201

EDUSPACE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 September 2024

4. Debtors

2024 2023
£ £
Prepayments and accrued income 267 260
Other debtors 3,797
Total 4,064 260

EDUSPACE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 September 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Accruals and deferred income 396 396
Other creditors 13,260 22,392
Total 13,656 22,788

EDUSPACE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 September 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 25,500 25,000
Total 25,500 25,000

COMMUNITY INTEREST ANNUAL REPORT

EDUSPACE C.I.C.

Company Number: 12195587 (England and Wales)

Year Ending: 30 September 2024

Company activities and impact

Eduspace is at the forefront of promoting qualitative education with emphasis on the development of skills hardly taught at home and absent from the school curriculum. Our emphasis is on Leadership, Entrepreneurship and Academic support for kids. The company started as a CIC in June 2023. During the financial year 2023 2024, the company’s activities have benefited the community in the following ways: 1 Primary and secondary school students aged 7 to 18 years have participated in our online life skills development workshops namely, Vision boarding, Developing a leadership mindset and Super Study Skills in preparation for school exams in May. We further organised more workshops around financial literacy and understanding different personality types. We have had over 180 children participate in all these sessions. 2 We organised a 5 day Summer Workshop where kids developed business projects and learnt how to use the software called CANVA to create logos, flyers, brochures and websites. 3 We also started a series on Career Mapping and Planning with some teenagers and young adults at a local church. Discussions on how to identify their careers were held around the acronym S.I.G.N.S which stands for School Subjects loved, Interests, Giftings, Natural disposition and temperament and Skills. We distributed worksheets and ran personality assessments as well. Many of them have gained clarity around choosing their GCSE subjects and a sense of direction around their intended careers. Many of them gained admission into their choice universities and for their choice courses. 4 New Worksheets and resources and books have been developed for consistent reference to help reinforce topics and content even after these sessions.

Consultation with stakeholders

The company’s stakeholders are Parents and children aged 7 to 18 years living in and around Basingstoke as well as people who have similar interests or life experiences in nearby regions. To ensure that we understand the challenges and needs of our stakeholders and offer relevant support and services to them, we did a few surveys using questionnaires, focus groups discussions with a church youth group as well as direct interviews with stakeholders at Job centre plus. The surveys showed the gaps in the school system with 96.7% of the respondents confirming the need for workshops that can sharpen their skills and provide their kids with an excellent head start in life. The survey pointed out the need for skills such as leadership, financial literacy, entrepreneurship, career decisions etc. and we have been running free workshops for these already. Furthermore, on visiting the job centre plus, there were multiple job vacancies displayed on notice boards and it was confirmed that these positions could not be filled because the applicants didn’t have the requisite skills. This further confirmed the need for developing employability skills and efforts are being directed towards this as well.

Directors' remuneration

The total amount paid or receivable by directors in respect of qualifying services was £15,000. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
4 January 2025

And signed on behalf of the board by:
Name: Yejide Akiode
Status: Director