Acorah Software Products - Accounts Production 16.3.350 false true true false 23 May 2025 26 May 2023 31 August 2024 31 August 2024 14897547 J Kirkham L Gallier A Westworth E Westworth Now Education Group Limited true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14897547 2023-05-25 14897547 2024-08-31 14897547 2023-05-26 2024-08-31 14897547 frs-core:CurrentFinancialInstruments 2024-08-31 14897547 frs-core:WithinOneYear 2024-08-31 14897547 frs-core:ShareCapital 2024-08-31 14897547 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 14897547 frs-bus:PrivateLimitedCompanyLtd 2023-05-26 2024-08-31 14897547 frs-bus:FilletedAccounts 2023-05-26 2024-08-31 14897547 frs-bus:SmallEntities 2023-05-26 2024-08-31 14897547 frs-bus:Audited 2023-05-26 2024-08-31 14897547 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-26 2024-08-31 14897547 frs-bus:OrdinaryShareClass2 2023-05-26 2024-08-31 14897547 frs-bus:OrdinaryShareClass2 2024-08-31 14897547 frs-bus:OrdinaryShareClass3 2023-05-26 2024-08-31 14897547 frs-bus:OrdinaryShareClass3 2024-08-31 14897547 1 2023-05-26 2024-08-31 14897547 frs-bus:Director1 2023-05-26 2024-08-31 14897547 frs-bus:Director2 2023-05-26 2024-08-31 14897547 frs-bus:Director3 2023-05-26 2024-08-31 14897547 frs-bus:Director4 2023-05-26 2024-08-31 14897547 frs-countries:EnglandWales 2023-05-26 2024-08-31
Registered number: 14897547
Now Education Lincoln Limited
Financial Statements
For the Period 26 May 2023 to 31 August 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—5
Page 1
Balance Sheet
Registered number: 14897547
31 August 2024
Notes £ £
CURRENT ASSETS
Cash at bank and in hand 100
100
Creditors: Amounts Falling Due Within One Year 4 (172,694 )
NET CURRENT ASSETS (LIABILITIES) (172,594 )
TOTAL ASSETS LESS CURRENT LIABILITIES (172,594 )
NET LIABILITIES (172,594 )
CAPITAL AND RESERVES
Called up share capital 5 100
Profit and Loss Account (172,694 )
SHAREHOLDERS' FUNDS (172,594)
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.
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and were signed on its behalf by:
A Westworth
Director
23/05/2025
The notes on pages 2 to 5 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Now Education Lincoln Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14897547 . The registered office is 14th Floor Cobalt Square, 83 Hagley Road, Birmingham, West Midlands, B16 8QG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements have been prepared for a period of 16 months so that they are in line with the other companies within the group.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support, which has been received in writing, of its parent company and also other members of the group and not requiring the withdrawal of monies owed until sufficient funds are available.
2.3. Significant judgements and estimations
Judgements
In the application of the group’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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Going Concern
As indicated above, it is the directors' assessment that the company continues to be a going concern. Accordingly, assets and liabilities have been valued on the basis that the company will continue in business. If this presumption proved to be mistaken the carrying value of assets and liabilities would need to be reappraised to reflect the impact of cessation.
2.4. Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Temporary staff
The company recognised revenue in relation to the placement of temporary staff in line with the provision of the services provided by those staff.
Permanent staff
The company recognises revenue in relation to the placement of permanent staff at the point at which the staff members are placed with the customer.
2.5. Leasing and Hire Purchase Contracts
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of
impairment at each reporting end date. 
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current 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
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Current and deferred tax are recognised in profit or loss for the period, 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.
2.8. 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 period was: 5
5
4. Creditors: Amounts Falling Due Within One Year
31 August 2024
£
Amounts owed to group undertakings 172,694
5. Share Capital
31 August 2024
Allotted, called up and fully paid £
750 Ordinary A shares of £ 0.10 each 75
250 Ordinary B shares of £ 0.10 each 25
100
On incorporation, 100 Ordinary shares of £1 each were issued. During the year, the company subdivided each of its 100 Ordinary shares into 10 Ordinary shares of 10p each. As a result the number of Ordinary shares increased from 100 to 1000 while the total nominal value remained unchanged.
Subsequently 750 Ordinary shares were reclassified as Ordinary A shares and 250 Ordinary shares were reclassified as Ordinary B shares. The reclassification was undertaken to reflect voting rights as set out in the resolution of the Articles of Association.  No new shares were issued or cancelled as part of this process.
Later in the year, 100 Ordinary B shares were reclassified as Ordinary A shares.  No new shares were issued or cancelled as part of this process.
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6. Contingent Liabilities
The company has entered into cross guarantee arrangements with finance providers of the ultimate parent company. This is supported by a fixed and floating charge over the assets of the company. The contingent liability at the balance sheet date is £20,552,995. The future outcome is dependent upon the performance of the individual company concerned however the directors do not expect any liability to crystalise.
The company has entered into cross guarantee arrangements with an invoice discount finance provider of the immediate parent company. This is supported by a fixed and floating charge over the assets of the company. The contingent liability at the balance sheet date is £117,906. The future outcome is dependent upon the performance of the individual company concerned however the directors do not expect any liability to crystalise.
The company had entered into a cross guarantee arrangement with an invoice discount finance provider to a related company by virtue of common director and shareholder. The cross guarantee was satisfied in the period but was supported by a fixed and floating charge over the assets of the company. The contingent liability at the balance sheet date is £nil.
7. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 August 2024
£
Not later than one year 15,528
15,528
8. Related Party Transactions
At the balance sheet date the amount due to companies in the same group was £172,694
9. Ultimate Controlling Party
The company's immediate parent is Now Education Group Limited , incorporated in England.
The company's ultimate parent is Now Education Holdings Limited, incorporated in England.
At the balance sheet date, the ultimate controlling party was A Westworth.
The parent of the smallest group in which these financial statements are consolidated is Now Education Group Limited , incorporated in England.
The parent of the largest group in which these financial statements are consolidated is Now Education Holdings Limited, incorporated in England.
The address of Now Education Group Limited and Now Education Holdings Limited is:
14th Floor Cobalt Square, 83 Hagley Road, Birmingham, United Kingdom, B16 8QG.
These financial statements are available on request from Companies house, Crown Way, Maindy, Cardiff, CF14 3UZ.
10. Audit Information
The auditor's report on the accounts of Now Education Lincoln Limited for the period ended 31 August 2024 was unqualified.
The auditor's report was signed by Gavin Booth (Senior Statutory Auditor) for and on behalf of DJH Audit Limited , Statutory Auditor.
DJH Audit Limited
5 Prospect Place
Millennium Way, Pride Park
Derby
DE24 8HG
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