Learn In Kirkcaldy Ltd SC704618 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is that of tutoring services. Digita Accounts Production Advanced 6.30.9574.0 true SC704618 2023-08-01 2024-07-31 SC704618 2024-07-31 SC704618 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC704618 core:ShareCapital 2024-07-31 SC704618 core:CurrentFinancialInstruments 2024-07-31 SC704618 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 SC704618 core:Goodwill 2024-07-31 SC704618 core:OfficeEquipment 2024-07-31 SC704618 1 2024-07-31 SC704618 bus:SmallEntities 2023-08-01 2024-07-31 SC704618 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC704618 bus:FilletedAccounts 2023-08-01 2024-07-31 SC704618 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC704618 bus:RegisteredOffice 2023-08-01 2024-07-31 SC704618 bus:Director1 2023-08-01 2024-07-31 SC704618 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC704618 bus:Agent1 2023-08-01 2024-07-31 SC704618 core:Goodwill 2023-08-01 2024-07-31 SC704618 core:IntangibleAssetsOtherThanGoodwill 2023-08-01 2024-07-31 SC704618 core:OfficeEquipment 2023-08-01 2024-07-31 SC704618 countries:Scotland 2023-08-01 2024-07-31 SC704618 1 2023-08-01 2024-07-31 SC704618 2023-07-31 SC704618 core:Goodwill 2023-07-31 SC704618 core:OfficeEquipment 2023-07-31 SC704618 1 2023-07-31 SC704618 2022-08-01 2023-07-31 SC704618 2023-07-31 SC704618 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC704618 core:ShareCapital 2023-07-31 SC704618 core:CurrentFinancialInstruments 2023-07-31 SC704618 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 SC704618 core:Goodwill 2023-07-31 SC704618 core:OfficeEquipment 2023-07-31 iso4217:GBP xbrli:pure

Registration number: SC704618

Learn In Kirkcaldy Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Learn In Kirkcaldy Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

Learn In Kirkcaldy Ltd

Company Information

Director

Mrs Janis Evelyn Casserly

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
Stirlingshire
FK3 8WX

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Learn In Kirkcaldy Ltd

(Registration number: SC704618)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,500

12,000

Tangible assets

5

618

2,667

 

11,118

14,667

Current assets

 

Debtors

6

10,983

582

Cash at bank and in hand

 

12,604

31,922

 

23,587

32,504

Creditors: Amounts falling due within one year

7

(34,133)

(37,525)

Net current liabilities

 

(10,546)

(5,021)

Total assets less current liabilities

 

572

9,646

Provisions for liabilities

(117)

(507)

Net assets

 

455

9,139

Capital and reserves

 

Called up share capital

100

100

Retained earnings

355

9,039

Shareholders' funds

 

455

9,139

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2024
 

.........................................
Mrs Janis Evelyn Casserly
Director

 

Learn In Kirkcaldy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover 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. Turnover 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.

Tax

The tax expense 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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.

 

Learn In Kirkcaldy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

10% straight line

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

 

Learn In Kirkcaldy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

15,000

15,000

At 31 July 2024

15,000

15,000

Amortisation

At 1 August 2023

3,000

3,000

Amortisation charge

1,500

1,500

At 31 July 2024

4,500

4,500

Carrying amount

At 31 July 2024

10,500

10,500

At 31 July 2023

12,000

12,000

 

Learn In Kirkcaldy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

8,000

8,000

Additions

927

927

At 31 July 2024

8,927

8,927

Depreciation

At 1 August 2023

5,333

5,333

Charge for the year

2,976

2,976

At 31 July 2024

8,309

8,309

Carrying amount

At 31 July 2024

618

618

At 31 July 2023

2,667

2,667

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,486

519

Other debtors

9,497

63

 

10,983

582

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

8,727

12,057

Other creditors

25,406

25,468

34,133

37,525

8

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

 

Learn In Kirkcaldy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2024
 £

2023
 £

Within one year

662

-

662

-

9

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2024

At 1 August 2023
£

Advances to director
£

At 31 July 2024
£

Mrs Janis Evelyn Casserly

-

9,477

9,477

 

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mrs Janis Evelyn Casserly

-

31

 

-

31

The maximum balance outstanding during the year amounted to £31.

The director's current account is repayable on demand.

Other creditors include an amount of £23,000 (2023: £23,000) which is owed to a related company, Learn in Dunfermline Ltd, in which Janis Casserly is a director.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Learn In Kirkcaldy Ltd
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Learn In Kirkcaldy Ltd for the year ended 31 July 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Learn In Kirkcaldy Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Learn In Kirkcaldy Ltd and state those matters that we have agreed to state to the Board of Directors of Learn In Kirkcaldy Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Learn In Kirkcaldy Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Learn In Kirkcaldy Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Learn In Kirkcaldy Ltd. You consider that Learn In Kirkcaldy Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Learn In Kirkcaldy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

27 November 2024