Learning Unlimited Limited - Limited company accounts 18.2
Learning Unlimited Limited - Limited company accounts 18.2
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2019 |
FOR |
LEARNING UNLIMITED LIMITED |
LEARNING UNLIMITED LIMITED (REGISTERED NUMBER: 07669795) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 July 2019 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 3 |
Income Statement | 5 |
Balance Sheet | 6 |
Statement of Changes in Equity | 7 |
Notes to the Financial Statements | 8 |
LEARNING UNLIMITED LIMITED |
COMPANY INFORMATION |
for the year ended 31 July 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
LEARNING UNLIMITED LIMITED (REGISTERED NUMBER: 07669795) |
REPORT OF THE DIRECTORS |
for the year ended 31 July 2019 |
The directors present their report with the financial statements of the company for the year ended 31 July 2019. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of adult education and teacher training. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2018 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable |
law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements |
unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the |
company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that |
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company |
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director |
in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of |
that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LEARNING UNLIMITED LIMITED |
Opinion |
We have audited the financial statements of Learning Unlimited Limited (the 'company') for the year ended 31 July 2019 which |
comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a |
summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is |
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2019 and of its surplus for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements |
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit |
of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities |
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide |
a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the |
Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in |
our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider |
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or |
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are |
required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other |
information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, |
we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LEARNING UNLIMITED LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not |
identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the |
directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due |
to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going |
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the |
directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance |
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a |
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in |
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial |
statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's |
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act |
2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to |
them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume |
responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the |
opinions we have formed. |
for and on behalf of |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
LEARNING UNLIMITED LIMITED (REGISTERED NUMBER: 07669795) |
INCOME STATEMENT |
for the year ended 31 July 2019 |
2019 | 2018 |
Notes | £ | £ |
TURNOVER |
Direct costs | ( |
) | ( |
) |
GROSS SURPLUS |
Administrative expenses | ( |
) | ( |
) |
OPERATING SURPLUS | 4 |
Interest receivable and similar income |
SURPLUS BEFORE TAXATION |
Tax on surplus | ( |
) | ( |
) |
SURPLUS FOR THE FINANCIAL YEAR |
LEARNING UNLIMITED LIMITED (REGISTERED NUMBER: 07669795) |
BALANCE SHEET |
31 July 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
The financial statements were approved by the Board of Directors on |
Ms K J Dudley - Director | Mr L G Griffiths - Director |
Ms J H McGerty - Director | Ms M M Savitzky - Director |
Mr J S Sutter - Director | Dr E M Kelly - Director |
LEARNING UNLIMITED LIMITED (REGISTERED NUMBER: 07669795) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 July 2019 |
Retained | Total |
earnings | equity |
£ | £ |
Balance at 1 August 2017 |
Changes in equity |
Total comprehensive income |
Balance at 31 July 2018 |
Changes in equity |
Total comprehensive income |
Balance at 31 July 2019 |
LEARNING UNLIMITED LIMITED (REGISTERED NUMBER: 07669795) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 July 2019 |
1. | STATUTORY INFORMATION |
Learning Unlimited Limited is a |
registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added |
tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
Financial instruments |
Basic financial assets, including trade and other receivables and cash and bank balances 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. |
Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
LEARNING UNLIMITED LIMITED (REGISTERED NUMBER: 07669795) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2019 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted |
or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
charged to profit or loss in the period to which they relate. |
Cash at bank |
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less |
than three months form the date of acquisition. Deposits for more than three months but less than one year have been |
disclosed as short term deposits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING SURPLUS |
The operating surplus is stated after charging: |
2019 | 2018 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
LEARNING UNLIMITED LIMITED (REGISTERED NUMBER: 07669795) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2019 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2018 |
Additions |
At 31 July 2019 |
DEPRECIATION |
At 1 August 2018 |
Charge for year |
At 31 July 2019 |
NET BOOK VALUE |
At 31 July 2019 |
At 31 July 2018 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of |
the company in an independently administered fund. The pension charge amounted to £33,824 (2018: £25,608) during the |
year. There was £3,784 contribution payable to the fund at the balance sheet date (2018: £2,685). |