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COMPANY REGISTRATION NUMBER: 06287003
English Language Testing Limited
Filleted Unaudited Financial Statements
31 July 2024
English Language Testing Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
361,380
352,989
Current assets
Debtors
6
84,696
134,905
Cash at bank and in hand
38,906
104,406
---------
---------
123,602
239,311
Creditors: amounts falling due within one year
7
( 166,444)
( 237,398)
---------
---------
Net current (liabilities)/assets
( 42,842)
1,913
---------
---------
Total assets less current liabilities
318,538
354,902
Provisions
Taxation including deferred tax
( 348)
59
---------
---------
Net assets
318,190
354,961
---------
---------
Capital and reserves
Called up share capital
100
100
Share premium account
149,950
149,950
Profit and loss account
168,140
204,911
---------
---------
Shareholders funds
318,190
354,961
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
English Language Testing Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 8 April 2025 , and are signed on behalf of the board by:
Ms C Browne
Director
Company registration number: 06287003
English Language Testing Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the principal place of business is First Floor, The Mille 1000, Great West Road, Brentford, Middlesex, TW8 9DW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is recognised once the company has provided access to the online testing system irrespective of the date tests are taken.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
IT Equipment
-
33% straight line
Software development
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified and accounted for according to the substance of the contractual arrangements entered into as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 15 ).
5. Tangible assets
IT Equipment
Software development
Total
£
£
£
Cost
At 1 August 2023
6,939
1,167,616
1,174,555
Additions
1,773
94,152
95,925
-------
------------
------------
At 31 July 2024
8,712
1,261,768
1,270,480
-------
------------
------------
Depreciation
At 1 August 2023
6,053
815,513
821,566
Charge for the year
1,269
86,265
87,534
-------
------------
------------
At 31 July 2024
7,322
901,778
909,100
-------
------------
------------
Carrying amount
At 31 July 2024
1,390
359,990
361,380
-------
------------
------------
At 31 July 2023
886
352,103
352,989
-------
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
49,773
107,542
Other debtors
34,923
27,363
--------
---------
84,696
134,905
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
18,287
Trade creditors
28,022
32,003
Corporation tax
25,584
Social security and other taxes
44,498
41,856
Other creditors
93,924
119,668
---------
---------
166,444
237,398
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
11,025
Later than 1 year and not later than 5 years
84,000
--------
--------
84,000
11,025
--------
--------
9. Directors' advances, credits and guarantees
Personal guarantees have been provided by the directors in respect of bank loans to the company.