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Registered number: 05579307
Premier Teachers Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Newton and Co
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05579307
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 58,347 66,682
Tangible Assets 5 1,959 1,874
60,306 68,556
CURRENT ASSETS
Debtors 6 95,536 67,192
Cash at bank and in hand 89,419 42,009
184,955 109,201
Creditors: Amounts Falling Due Within One Year 7 (166,283 ) (128,215 )
NET CURRENT ASSETS (LIABILITIES) 18,672 (19,014 )
TOTAL ASSETS LESS CURRENT LIABILITIES 78,978 49,542
Creditors: Amounts Falling Due After More Than One Year 8 (23,674 ) (28,572 )
NET ASSETS 55,304 20,970
CAPITAL AND RESERVES
Called up share capital 9 145 144
Share premium account 99,956 99,956
Profit and Loss Account (44,797 ) (79,130 )
SHAREHOLDERS' FUNDS 55,304 20,970
Page 1
Page 2
For the 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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Donnelly
Director
21/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Premier Teachers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05579307 . The registered office is 55 Hemsley Road, South Shields, Tyne and Wear, NE34 6HN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. 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 is 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 to ... on a straight line basis over their expected useful economic lives, which range from ... to ... 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.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 25% Reducing Balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 4)
18 4
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4. Intangible Assets
Development Costs
£
Cost
As at 1 August 2023 83,353
As at 31 July 2024 83,353
Amortisation
As at 1 August 2023 16,671
Provided during the period 8,335
As at 31 July 2024 25,006
Net Book Value
As at 31 July 2024 58,347
As at 1 August 2023 66,682
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 6,305 526 7,149 13,980
Additions - 550 - 550
As at 31 July 2024 6,305 1,076 7,149 14,530
Depreciation
As at 1 August 2023 6,305 454 5,347 12,106
Provided during the period - 14 451 465
As at 31 July 2024 6,305 468 5,798 12,571
Net Book Value
As at 31 July 2024 - 608 1,351 1,959
As at 1 August 2023 - 72 1,802 1,874
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 33,917 57,013
Prepayments and accrued income 3,242 6,405
Interest Suspense (Debtors < 1 year) 3,002 3,774
Directors' loan accounts 75 -
Amounts owed by other participating interests 55,300 -
95,536 67,192
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,208 673
Bank loans and overdrafts 4,898 4,898
PAYE & Social Security (Current liabilities - creditors < 1 year) 15,602 -
VAT 52,044 59,431
Wages Control Account (Current liabilities - creditors < 1 year) 314 -
Pension Control Account (Current liabilities - creditors < 1 year) 950 609
Directors loan account- RP (Current liabilities - creditors < 1 year) - 56,964
GD Loan - 5,637
Accruals and deferred income 3,296 -
Directors' loan accounts 85,971 3
166,283 128,215
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 23,674 28,572
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 145 144
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Michael Donnelly 3 117 40 - (75 )
Mr Robert Palmer 56,964 1,217 30,224 - 85,971
The above loan is unsecured, interest free and repayable on demand.
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