Teach Now Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06510512 (England and Wales)

Financial Statements

for the Year Ended 31 August 2019

for

TEACH NOW LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr V Varsani

Mr J M McCann

REGISTERED OFFICE:

Ashmole Primary School

Summit Way

London

N14 7NP

REGISTERED NUMBER:

06510512 (England and Wales)

ACCOUNTANTS:

Jeff Lermer & Associates

Chartered Accountants

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

6,239

5,425

6,239

5,425

CURRENT ASSETS

Debtors

6

953,381

1,018,109

Cash at bank

6

102,104

953,387

1,120,213

CREDITORS

Amounts falling due within one year

7

353,083

385,201

NET CURRENT ASSETS

600,304

735,012

TOTAL ASSETS LESS CURRENT LIABILITIES

606,543

740,437

CREDITORS

Amounts falling due after more than one year

8

544,127

620,035

NET ASSETS

62,416

120,402

CAPITAL AND RESERVES

Called up share capital

10

200

200

Retained earnings

62,216

120,202

SHAREHOLDERS' FUNDS

62,416

120,402

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2020 and were signed on its behalf by:

Mr V Varsani - Director

1.	STATUTORY INFORMATION

Teach Now Limited is a private company, limited by shares , registered in England and

Wales. The company's 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced value of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2018 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2018

and 31 August 2019

150,000

AMORTISATION

At 1 September 2018

and 31 August 2019

150,000

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 September 2018

7,434

22,426

29,860

Additions

-

3,646

3,646

At 31 August 2019

7,434

26,072

33,506

DEPRECIATION

At 1 September 2018

7,391

17,044

24,435

Charge for year

43

2,789

2,832

At 31 August 2019

7,434

19,833

27,267

NET BOOK VALUE

At 31 August 2019

-

6,239

6,239

At 31 August 2018

43

5,382

5,425

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

58,210

79,789

Amounts owed by group undertakings

607,184

656,949

Other debtors

10,992

1,556

Directors' current accounts

274,459

274,458

Prepayments and accrued income

2,536

5,357

953,381

1,018,109

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans and overdrafts (see note 9)

4,029

-

Trade creditors

841

684

Amounts owed to group undertakings

10,175

6,150

Tax

-

(19,905

)

Social security and other taxes

9,663

2,638

VAT

142,839

95,373

Other creditors

2,917

68,732

Accruals and deferred income

182,619

231,529

353,083

385,201

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Other creditors

544,127

620,035

9.

LOANS

An analysis of the maturity of loans is given below:

31.8.19

31.8.18

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

4,029

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.19

31.8.18

value:

£

£

102

Ordinary A

£1

102

102

42

Ordinary B

£1

42

42

30

Ordinary C

£1

30

30

6

Ordinary D

£1

6

6

6

Ordinary E

£1

6

6

4

Ordinary F

£1

4

4

3

Ordinary G

£1

3

3

2

Ordinary H

£1

2

2

4

Ordinary I

£1

4

4

1

Ordinary J

£1

1

1

200

200

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At balance sheet date, the directors Mr V Varsani & Mr J McCann owed the company

£274,458 (2018: £274,458).

12.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed Tutor Now Ltd £10,175 (2018: £6,250) and

was owed £607,184 (2018: £656,949) by Now Group London Ltd. Both companies are

related parties by virtue of the fact that they are under common control.