Interactive Education Solutions Limited
Interactive Education Solutions Limited
Registered number: 06029246
Unaudited Financial Statements
For The Year Ended 31 March 2019
Interactive Education Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 March 2019
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—8 |
Interactive Education Solutions Limited
Balance Sheet
As at
31 March 2019
Balance Sheet
Registered number:
06029246
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 31 March 2019 | 31 March 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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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 | 9 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | - |
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| NET (LIABILITIES)/ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (362,650) | 980 | |||
Page 1
Interactive Education Solutions Limited
Balance Sheet (continued)
As at
31 March 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges her 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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Director
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The notes on pages 3 to 8 form part of these financial statements.
Page 2
Interactive Education Solutions Limited
Notes to the Financial Statements
For The Year Ended 31 March 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.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
| Freehold |
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| Motor Vehicles |
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| Fixtures & Fittings |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.7.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.8.
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.
Page 3
Interactive Education Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 31 March 2019 | 31 March 2018 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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5.
Tangible Assets
| Land & Property | ||||
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| Freehold | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Disposals |
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| Depreciation | ||||
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| Disposals |
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| Net Book Value | ||||
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 31 March 2019 | 31 March 2018 | ||
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| £ | £ | ||
| Motor Vehicles |
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Page 4
Interactive Education Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
6.
Stocks
| 31 March 2019 | 31 March 2018 | ||
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| £ | £ | ||
| Stock - finished goods |
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7.
Debtors
| 31 March 2019 | 31 March 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Amounts due from related parties |
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| Corporation tax recoverable assets |
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| Director's loan account | 6,275 | 4,713 | |
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8.
Creditors: Amounts Falling Due Within One Year
| 31 March 2019 | 31 March 2018 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Amounts due to related parties |
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Other creditors include an amount of £166,762 (2018: £168,832) for an invoice finance facility secured by a fixed and floating charge over the company's assets.
Page 5
Interactive Education Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
9.
Creditors: Amounts Falling Due After More Than One Year
| 31 March 2019 | 31 March 2018 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 31 March 2019 | 31 March 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 120,975 | 136,983 |
10.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by way of:
- A debenture on the bank's standard form.
- A fixed and floating charge over Unit 3 Newton Court, Pendeford Business Park, Wolverhampton on the bank's standard form.
- A fixed and floating charge over Unit 8 Newton Court, Pendeford Business Park, Wolverhampton on the bank's standard form.
| 31 March 2019 | 31 March 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 197,921 | 212,386 |
11.
Obligations Under Finance Leases and Hire Purchase
| 31 March 2019 | 31 March 2018 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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Page 6
Interactive Education Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
13.
Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Included within Other Creditors at the balance sheet date are unpaid contributions of £1,672 (2018: £404) due to the fund.
14.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Mrs Mandeesh Kaur |
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The above loan is unsecured, interest free and repayable on demand.
Of the creditors due within and after more than 1 year £150,891 (2018: £181,464) is secured by a personal guarantee from the director and the directors' husband.
15.
Dividends
| 31 March 2019 | 31 March 2018 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
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| 52,000 | 82,022 | ||
The director acknowledges that dividends have been paid without sufficient funds
Page 7
Interactive Education Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
16.
Related Party Transactions
Interactive Communication Support Services Limited
A company controlled by the director's husband.
Included within amounts due from related parties is a balance of £Nil (2018: £246.100) owed from the connected company.
Genee World International Limited
A company controlled by the director's husband.
Included within amounts due from related parties is a balance of £32,196 (2018: £Nil) owed from the connected company.
Genee Group Limited
A company controlled by the director's husband.
Included within amounts due from related parties is a balance of £36,358 (2018: £Nil) owed from the connected company.
Genee World Limited (In Liquidation)
A company controlled by the director's husband.
Included within amounts due to related parties is a balance of £109,014 (2018: £399,512) owed to the connected company.
Sonia & Paul Limited
A company in which the director is a controlling party.
Included within amounts due to related parties is a balance of £2,615 (2018: £3,630) owed to the connected company.
G Tech Innovation Limited
A company controlled by the director's husband.
Included within amounts due to related parties is a balance of £275,540 (2018: £Nil) owed to the connected company.
17.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Innovote Limited . Innovote Limited was incorporated in England. Copies of the group accounts may be obtained from the secretary, Libra House, 2 Upper Zoar Street, Wolverhampton, WV3 0LA . The ultimate controlling party is Innovote Limited who controls 100% of the shares of Interactive Education Solutions Limited .
18.
General Information
Interactive Education Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06029246 . The registered office is Unit 8, Pendeford Business Park, Wolverhampton, West Midlands, WV9 5HB.
The financial statements are presented in pound sterling (£) and rounded to the nearest whole £.
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