REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2024 |
for |
Origym Centre of Excellence Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2024 |
for |
Origym Centre of Excellence Limited |
Origym Centre of Excellence Limited (Registered number: 09599908) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Origym Centre of Excellence Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Origym Centre of Excellence Limited (Registered number: 09599908) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 2,889,885 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Origym Centre of Excellence Limited (Registered number: 09599908) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Origym Centre of Excellence Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
Deferred income |
Key performance obligations have been identified in relation to the company sales. As part of this analysis, revenue in relation to performance obligations not yet met is deferred. Deferred income consists of revenue in relation to face to face courses where the performance objective has not occured by the year end. A key estimate exists in relation to the identification of the portion of total sales which relates to face to face performance obligations as opposed to access to e-learning material. |
Bad debt provision |
Judgement has been required in relation to bad debt provisions which is calculated on an individual basis. Provisions are recognised at the balance sheet date at management’s best estimate of present obligation. |
Origym Centre of Excellence Limited (Registered number: 09599908) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Changes in accounting policies |
As a result of a change in accounting policy in relation to revenue recognition, the prior year figures have been retrospectively restated as per the requirements FRS102. |
Previously, revenue was recorded based on the average time taken for students to complete their course. |
Revenue streams have now been reassessed. The majority of revenue relates to access to the online courses provided by the entity and a smaller proportion relates to face to face courses. The performance objective for the online course income is deemed to be completed upon providing access to the online course. Likewise, revenue for the face to face courses was previously recognised based on the average time to complete the course, whereas it is now recognised upon completion of the face to face course, which is the identified performance objective. |
The result of the prior year adjustment has increased net assets at the beginning of the comparative period i.e. 01st June 2022 by £1,288,570. |
Furthermore, as part of the prior year adjustment, revenue has increased in the comparative year ending 31 May 2023 by £231,727 and corporation tax of £46,345 has now been recognised on that income. |
In conclusion, as at 31 May 2023 the cumulative prior year adjustment in relation to this change in accounting policy has increased the net asset position of the company by £1,473,952. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes. |
Revenue consists of online courses and face to face courses. These services are assessed for their performance objectives and revenue is recorded once the performance objective has been completed. |
Revenue relating to online courses is recognised immediately because the performance objective of providing access to the online course is then completed. |
Revenue relating to face to face elements is recognised once the face to face course has been attended, because that is when the performance objective completes. |
Tangible fixed assets |
Property, plant and equipment, 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: |
Plant and machinery: 33.33% Straight Line |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Basic financial instruments are initially measured at transaction price including transaction costs unless the arrangement constitutes a financing transaction, and are subsequently carried at amortised cost using the effective interest method. |
Origym Centre of Excellence Limited (Registered number: 09599908) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associated entities |
Other debtors |
Origym Centre of Excellence Limited (Registered number: 09599908) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 321,339 | 259,163 |
Other creditors |
Pension creditor | 7,091 | 5,756 |
Directors' loan accounts | 75 | 2,314 |
Accruals and deferred income |
Accrued expenses |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.5.24 | 31.5.23 |
as restated |
£ | £ |
Within one year |
Between one and five years |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023: |
31.5.24 | 31.5.23 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Origym Centre of Excellence Limited (Registered number: 09599908) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking of this company is Origym Group Limited, a company incorporated in England and Wales. |
Origym Group Limited is the smallest and largest company for which consolidated accounts including Origym Centre of Excellence Limited are prepared. The consolidated accounts of Origym Group Limited are available to the public from its registered office. |