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Registered number: 05017783
Education People Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Chartered Certified Accountants & Registered Auditors
Hill Crest
Castle Cary Road
West Lydford
Somerset
TA11 6DS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05017783
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 117,372 7,144
117,372 7,144
CURRENT ASSETS
Debtors 5 59,801 100,463
Cash at bank and in hand 189,667 317,422
249,468 417,885
Creditors: Amounts Falling Due Within One Year 6 (235,752 ) (141,111 )
NET CURRENT ASSETS (LIABILITIES) 13,716 276,774
TOTAL ASSETS LESS CURRENT LIABILITIES 131,088 283,918
Creditors: Amounts Falling Due After More Than One Year 7 (93,837 ) (158,333 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,681 ) (1,786 )
NET ASSETS 35,570 123,799
CAPITAL AND RESERVES
Called up share capital 10 1 1
Other reserves 1 1
Profit and Loss Account 35,568 123,797
SHAREHOLDERS' FUNDS 35,570 123,799
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Nicole Dommett
Director
14 October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Education People Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05017783 . The registered office is Garden Suite, 23 Westfield Park, Bristol, BS6 6LT.
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. 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.
2.3. 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:
Leasehold Staright line over the term of the lease
Plant & Machinery Straight line basis over 5 years
Motor Vehicles 20% Reducing balanace basis
Computer Equipment Straight line basis over 3 years
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Sales, marketing and distribution 5 4
7 6
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 - 7,643 - 22,504 30,147
Additions 28,754 3,288 106,184 157 138,383
As at 31 August 2024 28,754 10,931 106,184 22,661 168,530
Depreciation
As at 1 September 2023 - 5,367 - 17,636 23,003
Provided during the period 5,751 1,364 17,697 3,343 28,155
As at 31 August 2024 5,751 6,731 17,697 20,979 51,158
Net Book Value
As at 31 August 2024 23,003 4,200 88,487 1,682 117,372
As at 1 September 2023 - 2,276 - 4,868 7,144
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 88,487 -
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 52,102 91,342
Other debtors 5,023 9,121
Director's loan account 2,676 -
59,801 100,463
Page 4
Page 5
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 35,062 -
Trade creditors 9,305 4,857
Bank loans and overdrafts 50,000 -
Corporation tax 25,693 45,373
Other taxes and social security 16,987 8,121
VAT 96,399 79,615
Other creditors 1,306 2,090
Accruals and deferred income 1,000 1,000
Director's loan account - 55
235,752 141,111
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 35,504 -
Bank loans 58,333 158,333
93,837 158,333
8. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 88,487 -
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 35,062 -
Later than one year and not later than five years 35,504 -
70,566 -
70,566 -
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Capital Commitments
2024 2023
£ £
At the end of the period - 105,463
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 3,783 -
Later than one year and not later than five years 73,491 99,000
77,274 99,000
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mrs Nicole Dommett - 2,675 - - 2,675
The above loan is unsecured, interest free and repayable on demand.
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