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Company No: 04497523 (England and Wales)

# ELT SCHOOL OF ENGLISH LIMITED

### Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

ELT SCHOOL OF ENGLISH LIMITED

## Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

ELT SCHOOL OF ENGLISH LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
ELT SCHOOL OF ENGLISH LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 1,139 |  | 1,424
|  | 1,139 |  | 1,424
Current assets |  |  |  |
Debtors | 5 | 3,188 |  | 3,188
Cash at bank and in hand | 6 | 161,114 |  | 195,152
|  | 164,302 |  | 198,340
Creditors: amounts falling due within one year | 7 | ( 140,284) |  | ( 160,902)
Net current assets |  | 24,018 |  | 37,438
Total assets less current liabilities |  | 25,157 |  | 38,862
Creditors: amounts falling due after more than one year | 8 | ( 16,514) |  | ( 26,612)
Net assets |  | 8,643 |  | 12,250
Capital and reserves |  |  |  |
Called-up share capital | 9 | 100 |  | 100
Profit and loss account |  | 8,543 |  | 12,150
Total shareholders' funds |  | 8,643 |  | 12,250

For the financial 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of ELT School of English Limited (registered number: 04497523) were approved and authorised for issue by the Director. They were signed on its behalf by:

R Winterbottom Director |

20 June 2025

ELT SCHOOL OF ENGLISH LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
ELT SCHOOL OF ENGLISH LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

ELT School of English Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 10 years straight line

###### Goodwill

Goodwill has been fully amortised.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. | 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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 profit or loss.

##### Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the company during the year, including the director | 3 |  | 3

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 August 2023 | 400,000 |  | 400,000
At 31 July 2024 | 400,000 |  | 400,000
Accumulated amortisation |  |  |
At 01 August 2023 | 400,000 |  | 400,000
At 31 July 2024 | 400,000 |  | 400,000
Net book value |  |  |
At 31 July 2024 | 0 |  | 0
At 31 July 2023 | 0 |  | 0

#### 4. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 August 2023 | 39,504 |  | 39,504
At 31 July 2024 | 39,504 |  | 39,504
Accumulated depreciation |  |  |
At 01 August 2023 | 38,080 |  | 38,080
Charge for the financial year | 285 |  | 285
At 31 July 2024 | 38,365 |  | 38,365
Net book value |  |  |
At 31 July 2024 | 1,139 |  | 1,139
At 31 July 2023 | 1,424 |  | 1,424

#### 5. Debtors

| 2024 |  | 2023
| £ |  | £
Other debtors | 3,188 |  | 3,188

#### 6. Cash and cash equivalents

| 2024 |  | 2023
| £ |  | £
Cash at bank and in hand | 161,114 |  | 195,152

#### 7. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Bank loans | 10,098 |  | 9,849
Taxation and social security | 17,475 |  | 8,580
Other creditors | 112,711 |  | 142,473
| 140,284 |  | 160,902

#### 8. Creditors: amounts falling due after more than one year

| 2024 |  | 2023
| £ |  | £
Bank loans | 16,514 |  | 26,612

There are no amounts included above in respect of which any security has been given by the small entity.

#### 9. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
76 Ordinary shares of £ 1.00 each | 76 |  | 76
12 Ordinary A shares of £ 1.00 each | 12 |  | 12
12 Ordinary B shares of £ 1.00 each | 12 |  | 12
| 100 |  | 100

#### 10. Related party transactions

Included in other creditors is a balance of £4,926 (2023: £84,491) owed to the director. This balance is unsecured and there are no fixed repayment terms. Interest has been applied at the official rate.