Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false592023-05-01falseNo description of principal activity32truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10106120 2023-05-01 2024-04-30 10106120 2022-05-01 2023-04-30 10106120 2024-04-30 10106120 2023-04-30 10106120 2022-05-01 10106120 c:Director1 2023-05-01 2024-04-30 10106120 d:Buildings 2023-05-01 2024-04-30 10106120 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 10106120 d:Buildings d:LongLeaseholdAssets 2024-04-30 10106120 d:Buildings d:LongLeaseholdAssets 2023-04-30 10106120 d:FurnitureFittings 2023-05-01 2024-04-30 10106120 d:FurnitureFittings 2024-04-30 10106120 d:FurnitureFittings 2023-04-30 10106120 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 10106120 d:ComputerEquipment 2023-05-01 2024-04-30 10106120 d:ComputerEquipment 2024-04-30 10106120 d:ComputerEquipment 2023-04-30 10106120 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 10106120 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 10106120 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-01 2024-04-30 10106120 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-30 10106120 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 10106120 d:CurrentFinancialInstruments 2024-04-30 10106120 d:CurrentFinancialInstruments 2023-04-30 10106120 d:Non-currentFinancialInstruments 2024-04-30 10106120 d:Non-currentFinancialInstruments 2023-04-30 10106120 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 10106120 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 10106120 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 10106120 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 10106120 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 10106120 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 10106120 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 10106120 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 10106120 d:ShareCapital 2024-04-30 10106120 d:ShareCapital 2023-04-30 10106120 d:RetainedEarningsAccumulatedLosses 2024-04-30 10106120 d:RetainedEarningsAccumulatedLosses 2023-04-30 10106120 c:OrdinaryShareClass1 2023-05-01 2024-04-30 10106120 c:OrdinaryShareClass1 2024-04-30 10106120 c:OrdinaryShareClass1 2023-04-30 10106120 c:FRS102 2023-05-01 2024-04-30 10106120 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 10106120 c:FullAccounts 2023-05-01 2024-04-30 10106120 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10106120 d:WithinOneYear 2024-04-30 10106120 d:WithinOneYear 2023-04-30 10106120 d:BetweenOneFiveYears 2024-04-30 10106120 d:BetweenOneFiveYears 2023-04-30 10106120 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 10106120 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 10106120 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10106120










I TEACHERS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
I TEACHERS LIMITED
REGISTERED NUMBER: 10106120

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 5 
635
1,006

  
635
1,006

Current assets
  

Debtors: amounts falling due within one year
 6 
233,285
270,840

Cash at bank and in hand
  
118,302
36,702

  
351,587
307,542

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(332,334)
(172,559)

Net current assets
  
 
 
19,253
 
 
134,983

Total assets less current liabilities
  
19,888
135,989

Creditors: amounts falling due after more than one year
 8 
(53,333)
(93,333)

Provisions for liabilities
  

Deferred tax
 10 
-
(251)

  
 
 
-
 
 
(251)

Net (liabilities)/assets
  
(33,445)
42,405


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
(33,545)
42,305

  
(33,445)
42,405

Page 1

 
I TEACHERS LIMITED
REGISTERED NUMBER: 10106120

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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: 






A Tennant
Director

Date: 15 January 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
I TEACHERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

I Teachers Limited is a limited liability company incorporated in England and Wales. The address of its registered office is 15 Bloom Street, Manchester, M1 3HZ.

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

Going concern

As shown by the financial statements the liabilities of the company exceed its assets and the company has incurred a loss whilst it invests in growth. The company is funded by a bank loan and a an overdraft and it is reliant on the ongoing support of its lenders. The directors have considered the projected cash flow information for the company during the foreseeable post year-end period. Based on this cash flow information and discussions with the company’s creditors, the directors consider that the company will continue to operate within the available finance facilities. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis, but recognise that this is predicated on the ongoing support of the company’s lenders.

 
2.3

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.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable for services during the year, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
I TEACHERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.


 
2.8

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.

 The estimated useful lives range as follows:

Website development
-
5
years


Page 4

 
I TEACHERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

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:

Long-term leasehold property
-
20%
Fixtures and fittings
-
25%
Computer equipment
-
33%

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 5

 
I TEACHERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 59 (2023 - 32).

Page 6

 
I TEACHERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Website development

£



Cost


At 1 May 2023
31,988



At 30 April 2024

31,988



Amortisation


At 1 May 2023
31,988



At 30 April 2024

31,988



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 7

 
I TEACHERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
16,752
7,191
21,370
45,313


Additions
-
-
470
470



At 30 April 2024

16,752
7,191
21,840
45,783



Depreciation


At 1 May 2023
16,752
6,559
20,996
44,307


Charge for the year on owned assets
-
542
299
841



At 30 April 2024

16,752
7,101
21,295
45,148



Net book value



At 30 April 2024
-
90
545
635



At 30 April 2023
-
632
374
1,006


6.


Debtors

2024
2023
£
£


Trade debtors
108,441
144,172

Other debtors
16,160
52,431

Prepayments and accrued income
108,684
74,237

233,285
270,840


Page 8

 
I TEACHERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank overdrafts
91,202
-

Bank loans
40,000
40,000

Trade creditors
9,367
8,012

Corporation tax
-
6,345

Other taxation and social security
118,606
52,362

Other creditors
69,564
16,543

Accruals and deferred income
3,595
49,297

332,334
172,559


The following liabilities were secured:

2024
2023
£
£



Bank loans
40,000
40,000

40,000
40,000

Details of security provided:

Bank loans are secured by a fixed and floating charge over all the property, or undertaking of the company.


8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
53,333
93,333

53,333
93,333


The following liabilities were secured:

2024
2023
£
£



Bank loans
53,333
93,333

53,333
93,333

Details of security provided:

Bank loans are secured by a fixed and floating charge over all the property, or undertaking of the company.

Page 9

 
I TEACHERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
40,000
40,000


40,000
40,000

Amounts falling due 1-2 years

Bank loans
40,000
40,000


40,000
40,000

Amounts falling due 2-5 years

Bank loans
13,333
53,333


13,333
53,333


93,333
133,333



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(251)
(671)


Charged to profit or loss
251
420



At end of year
-
(251)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(251)

-
(251)

Page 10

 
I TEACHERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100



12.


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 £14,521 (2023: £8,439). 
Contributions totalling £4,502 (2023: £2,002) were payable to the fund at the reporting date and are included in creditors.


13.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
27,641
18,068

Later than 1 year and not later than 5 years
111,645
139,286

139,286
157,354


14.


Related party transactions

At the balance sheet date the company was owed £3,406 by A Tennant, director (2023: £45,523).
Interest of £804 (2023: £2,140) was charged on the loan during the year at HM Revenue & Customs official rate of 2.5%. The loan has no set repayment date.


Page 11