Registered number
07712601
Scholarship Connect Limited
Filleted Accounts
31 July 2024
Scholarship Connect Limited
Registered number: 07712601
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets - -
- -
Current assets
Debtors 3 501 571
Cash at bank and in hand 5,774 4,235
6,275 4,806
Creditors: amounts falling due within one year 4 (5,508) (3,447)
Net current assets 767 1,359
Total assets less current liabilities 767 1,359
Creditors: amounts falling due after more than one year 5 (1,400) (2,800)
Net liabilities (633) (1,441)
Capital and reserves
Called up share capital 200 200
Profit and loss account (833) (1,641)
Shareholder's funds (633) (1,441)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Andrew Robert Muxworthy
Director
Approved by the board on 25 April 2025
Scholarship Connect Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The financial statements have been prepared on a going concern basis. The director believes
that the company is a going concern despite the current loss. He will continue to support the
company for the foreseeable future.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Debtors 2024 2023
£ £
Prepayments 99 99
Other debtors 402 472
501 571
4 Creditors: amounts falling due within one year 2024 2023
£ £
Loans and borrowings 1,400 1,400
Taxation and social security costs (21) (21)
Accruals and deferred income 840 779
Other creditors 3,289 1,289
5,508 3,447
5 Creditors: amounts falling due after one year 2024 2023
£ £
Loans and borrowings 1,400 2,800
1,400 2,800
6 Other information
Scholarship Connect Limited is a private company limited by shares and incorporated in England. Its registered office is:
Portland House
Belmont Business Park
Belmont
Durham
DH1 1TW
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