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Registered number: 13500337
The Reverse Mentoring Practice Limited
Financial Statements
For The Year Ended 31 July 2024
AVL Business Advisory Limited
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Ms Stacy Johnson
Mr Benjamin Sullivan
Company Number 13500337
Registered Office The Ingenuity Centre, UNIP
Triumph Road
Nottingham
NG7 2TU
Accountants AVL Business Advisory Limited
2 Blandford Avenue
Long Eaton
Nottingham
Derbyshire
NG10 3LG
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Balance Sheet
Registered number: 13500337
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 126,000 144,000
Tangible Assets 5 5,968 5,288
131,968 149,288
CURRENT ASSETS
Debtors 6 33,243 44,820
Cash at bank and in hand 197,708 416,295
230,951 461,115
Creditors: Amounts Falling Due Within One Year 7 (223,812 ) (324,222 )
NET CURRENT ASSETS (LIABILITIES) 7,139 136,893
TOTAL ASSETS LESS CURRENT LIABILITIES 139,107 286,181
Creditors: Amounts Falling Due After More Than One Year 8 (59,161 ) (55,037 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,134 ) (1,005 )
NET ASSETS 78,812 230,139
CAPITAL AND RESERVES
Called up share capital 9 8 8
Share premium account 179,996 179,996
Profit and Loss Account (101,192 ) 50,135
SHAREHOLDERS' FUNDS 78,812 230,139
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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 Benjamin Sullivan
Director
25 April 2025
The notes on pages 4 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The Reverse Mentoring Practice Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13500337 . The registered office is The Ingenuity Centre, UNIP, Triumph Road, Nottingham, NG7 2TU.
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 rendering of services.
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 time incurred for work performed to date to the total estimated contract duration. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are the granting of a licence to use certain IP held by the University of Nottingham. It is amortised to the profit and loss account over its estimated economic life of 10 years.
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:
Computer Equipment 33% straight line
2.6. Financial Instruments
Financial Instruments

i. Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii. Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are
...CONTINUED
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2.6. Financial Instruments - continued
initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders
Dividends and other distributions to company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company’s shareholders. These amounts are recognised in the statement of changes in equity.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. 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 years 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.
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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 7)
10 7
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4. Intangible Assets
Intellectual Property
£
Cost
As at 1 August 2023 180,000
As at 31 July 2024 180,000
Amortisation
As at 1 August 2023 36,000
Provided during the period 18,000
As at 31 July 2024 54,000
Net Book Value
As at 31 July 2024 126,000
As at 1 August 2023 144,000
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 August 2023 7,413
Additions 4,511
As at 31 July 2024 11,924
Depreciation
As at 1 August 2023 2,125
Provided during the period 3,831
As at 31 July 2024 5,956
Net Book Value
As at 31 July 2024 5,968
As at 1 August 2023 5,288
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 29,584 44,820
Prepayments and accrued income 3,659 -
33,243 44,820
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,266 11,119
Other taxes and social security 10,524 6,578
VAT 6,053 14,271
Other creditors 86 -
Accruals and deferred income 204,883 292,254
223,812 324,222
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 59,161 55,037
Other creditors represent £50,000 of convertible loan notes issued to the University of Nottingham on 21 July 2021 and associated rolled up interest. The loan notes are interest-bearing at a rate of 3% above Bank of England base rate and are redeemable on completion of a fund-raising greater than £350,000 or 5 years from the date of issue.
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
7,605 Ordinary Shares of £ 0.001 each 8 8
10. Controlling Party Not Known
The company is not deemed to have an ultimate controlling party.
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