ACCOUNTS - Final Accounts preparation

LEARN IT ONLINE LIMITED - Company Information

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Registered number: 12021189

LEARN IT ONLINE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2019

LEARN IT ONLINE LIMITED

REGISTERED NUMBER: 12021189

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2019

		2019
Note		£

Fixed assets
Tangible assets	4		110,417
			110,417
Current assets
Debtors: amounts falling due within one year	5	36,920
Cash at bank and in hand	6	1
		36,921
Creditors: amounts falling due within one year	7	(242,621)
Net current (liabilities)/assets			(205,700)
Total assets less current liabilities			(95,283)

Net (liabilities)/assets			(95,283)

Capital and reserves
Called up share capital	8	1
Profit and loss account		(95,284)
		(95,283)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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LEARN IT ONLINE LIMITED

REGISTERED NUMBER: 12021189

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2019

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 August 2020.

W van Rijn

Director

The notes on pages 3 to 6 form part of these financial statements.

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LEARN IT ONLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Going concern

At the balance sheet date, the Company had retained losses of £95,283. The directors have pledged to continue to financially support the Company for the foreseeable future. On this basis, the directors feel it is appropriate to prepare these financial statements on a going concern basis.

1.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

1.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets

20%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

1.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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LEARN IT ONLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019

1.Accounting policies (continued)

1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.8

Financial instruments

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.

2.	General information

The Company is a private company, limited by shares and registered in England and Wales.
Its registered number is: 12021189
The address of its registered office is:
Invision House
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

Employees

The average monthly number of employees, including directors, during the period was 3.

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LEARN IT ONLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost or valuation
	Additions	125,000
	At 31 December 2019	125,000
	Depreciation
	Charge for the period on owned assets	14,583
	At 31 December 2019	14,583
	Net book value
	At 31 December 2019	110,417

Debtors

					2019
					£


	Other debtors	36,167
	Prepayments and accrued income	753
		36,920

6.	Cash and cash equivalents
		2019
		£

	Cash at bank and in hand	1
		1

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LEARN IT ONLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019

7.	Creditors: Amounts falling due within one year
		2019
		£

	Other creditors	241,206
	Accruals and deferred income	1,415
		242,621

8.	Share capital
		2019
		£

		Allotted, called up and fully paid

		1 Ordinary share of £1.00	1

During the period, the company issued one Ordinary £1 share for a total consideration of £1.

9.	Related party transactions
	At the balance sheet date, the company owed £241,206 to Leyden Delta BV, a fellow subsidiary. The loan was provided with an interest rate of 3% and is repayable on demand.

10.	Controlling party

The controlling party of the company is Leyden Pharmaceutical BV, a company registered in the Netherlands. The ultimate controlling parties are W M van Rijn and M Helthuis-Jollie by virtue of their shareholdings in Leyden Pharmaceutical BV.

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