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Logo On Report
Registered Number: 03481319


 

 

 

DIRECT EDUCATION LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2024

End date: 31 December 2024
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts Direct Education Limited for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Direct Education Limited for the year ended 31 December 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the Board of Directors of Direct Education Limited , as a body, in accordance with the terms of our engagement letter dated 28 January 2025. Our work has been undertaken solely to prepare for your approval the accounts of Direct Education Limited and state those matters that we have agreed to state to the Board of Directors of Direct Education Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Direct Education Limited and its Board of Directors as a body for our work or for this report
It is your duty to ensure that Direct Education Limited 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 Direct Education Limited. You consider that Direct Education Limited 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 Direct Education Limited. 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.



....................................................
Rivington Accounts Ltd
Bank House
6-8 Church Street
Adlington
Lancashire
PR7 4EX
28 January 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 22,192    24,966 
Tangible fixed assets 4 11,560    13,773 
Investments 5 (11,154)   37,779 
22,598    76,518 
Current assets      
Debtors 105,771    104,932 
Investments 37,679   
Cash at bank and in hand 154,058    225,628 
297,508    330,560 
Creditors: amount falling due within one year (103,991)   (169,312)
Net current assets 193,517    161,248 
 
Total assets less current liabilities 216,115    237,766 
Creditors: amount falling due after more than one year   (10,417)
Accruals and deferred income   (51,463)
Provisions for liabilities (3,533)   (5,273)
Net assets 212,582    170,613 
 

Capital and reserves
     
Called up share capital 11    11 
Share premium account (15,010)   (15,010)
Profit and loss account 227,581    185,612 
Shareholders' funds 212,582    170,613 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 28 January 2025 and were signed by:


-------------------------------
Michael McVerry
Director
2
General Information
Direct Education Limited is a private company, limited by shares, registered in , registration number 03481319, registration address 13 St Georges Street, Chorley, Lancashire, PR7 2AA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 33% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Preference shares
The company's preference shares are treated as a financial liability since they are subject to mandatory redemption for a fixed or determinable amount at a fixed or determinable time and are thus included in creditors in the statement of financial position rather than as part of the company's issued share capital.
2.

Average number of employees

11
Average number of employees during the year was 11 (2023 : 12).
3.

Intangible fixed assets

Cost Goodwill   Other   Total
  £   £   £
At 01 January 2024 21,000    25,000    46,000 
Additions    
Disposals    
At 31 December 2024 21,000    25,000    46,000 
Amortisation
At 01 January 2024 21,000    34    21,034 
Charge for year   2,774    2,774 
On disposals    
At 31 December 2024 21,000    2,808    23,808 
Net book values
At 31 December 2024   22,192    22,192 
At 31 December 2023   24,966    24,966 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 January 2024 15,334    32,567    47,901 
Additions   2,355    2,355 
Disposals    
At 31 December 2024 15,334    34,922    50,256 
Depreciation
At 01 January 2024 7,385    26,743    34,128 
Charge for year 1,215    3,353    4,568 
On disposals    
At 31 December 2024 8,600    30,096    38,696 
Net book values
Closing balance as at 31 December 2024 6,734    4,826    11,560 
Opening balance as at 01 January 2024 7,949    5,824    13,773 


5.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 January 2024  
Additions  
Transfer to/from tangible fixed assets  
Disposals  
Revaluations (11,154)   (11,154)
At 31 December 2024 (11,154)   (11,154)

3