Get Licensed Limited
Get Licensed Limited
Registered number: 07154333
Unaudited Financial Statements
For The Year Ended 28 February 2019
Get Licensed Limited
Unaudited Financial Statements
For The Year Ended 28 February 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Get Licensed Limited
Balance Sheet
As at
28 February 2019
Balance Sheet
Registered number:
07154333
For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 5 |
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| Tangible Assets | 6 |
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| Investments | 7 |
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| CURRENT ASSETS | |||||
| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 10 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 892,652 | 330,877 | |||
Page 1
Get Licensed Limited
Balance Sheet (continued)
As at
28 February 2019
Directors' responsibilities:
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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
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Get Licensed Limited
Notes to the Financial Statements
For The Year Ended 28 February 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life. Where the directors consider that there has been a permanent impairment in value the asset is written down to its realisable value in the year of impairment.
Other intangible assets include capitalised software development and website costs. The assets are amortised over their useful life of 5 years.
1.4.
Research and Development
Expenditure on research is written off in the year it is incurred and expenditure on development is capitalised in the year it is incurred.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
| Leasehold |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.6.
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.
Page 3
Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2019
5.
Intangible Assets
| Other | |||
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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6.
Tangible Assets
| Land & Property | |||||
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| Leasehold | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
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| Additions |
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| Depreciation | |||||
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| Provided during the period |
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| Net Book Value | |||||
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Page 4
Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2019
7.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at |
72,000 |
| Additions | 75 |
| As at |
72,075 |
| Provision | |
| As at |
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| As at |
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| Net Book Value | |
| As at |
72,075 |
| As at |
72,000 |
The comapny holds 100% share capital of Get Licensed LLC, a company incorporated in the United States of America. The principal activity of the company is the provision of IT and marketing services.
As at 28/02/2019, the capital and reserves of the company were £95,462 and loss for the year was £7,440.
8.
Debtors
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Directors' loan accounts | 8,705 | - | |
| Amounts owed by group undertakings |
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Page 5
Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2019
9.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| American Express Credit Card |
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| Accruals |
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| Amounts owed to group undertakings |
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10.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans |
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On 28 Feb 2019, the company was advanced a loan amount of £461,104 from the Funding Circle Limited.
Page 6
Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2019
12.
Related Party Transactions
Get Licensed LLC
Get Licensed LLC is a wholly owned subsidiary of Get Licensed Limited.
During the year, purchases from Get Licensed LLC amounted to £289,915 (2018:£260,738).
Temprovide Limited
Temprovide Limited is a wholly owned subsidiary of Edteam Group Limited.
As at balance sheet date, the Company owed £37,100 (2018 : £0) to Temprovide Limited.
Vocational Training Hub Limited
Vocational Training Hub Limited is a wholly owned subsidiary of Edteam Group Limited.
As at balance sheet date, the Company owed £11,058 (2018 : £0) to Vocational Training Hub Limited.
Edteam Group Limited
Get Licensed Limited is a wholly owned subsidiary of Edteam Group Limited.
During the year, management recharges to Edteam Group Limited amounted to £100,896 (2018:£161,640) and management charges from Edteam Group Limited amounted to £40,000 (2018:£0). During the year, dividends amounted to £249,813 were paid to Edteam Group Limited. As at balance sheet date, the Company owed £231,833 (2018 : £0) from Edteam Group Limited.
Get Licensed Driving School Limited
Get Licensed Driving School Limited is a wholly owned subsidiary of Get Licensed Limited.
During the year, management recharges to Get Licensed Driving School Limited amounted to £18,290 (2018:£0).As at balance sheet date, the Company owed £74,801 (2018 : £0) to Get Licensed Driving School Limited.
Edequal Foundation Limited
Shahzad Ali and Madiha Adil are the trustees of Edequal Foundation Limited.
During the year, sales to Edequal Foundation Limited amounted to £198,000 (2018:£66,000) and charitable donations amounted to £198,000 (2018:£66,000).
Shahzad Ali and Madiha Adil
Shahzad Ali and Madiha Adil are directors of the company.
As at balance sheet date, the Company owed £8,705 (2018 : £0) to the directors.
13.
Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is Edteam Group Limited . Edteam Group Limited was incorporated in England & Wales. Copies of the group accounts may be obtained from the secretary. The controlling party is who controls 90% of the shares of Get Licensed Limited .
14.
General Information
Get Licensed Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07154333 . The registered office is 36 Scotts Road, Bromley, England, BR1 3QD.
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