Get Licensed Limited
Get Licensed Limited
Registered number: 07154333
Financial Statements
For The Year Ended 28 February 2020
Get Licensed Limited
Financial Statements
For The Year Ended 28 February 2020
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Get Licensed Limited
Balance Sheet
As at
28 February 2020
Balance Sheet
Registered number:
07154333
For the year ending 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| Investments | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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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 | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 943,376 | 892,652 | |||
Page 1
Get Licensed Limited
Balance Sheet (continued)
As at
28 February 2020
Directors' responsibilities:
-
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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Director
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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 2020
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.
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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1.5.
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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2019: 7)
Page 3
Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2020
3.
Intangible Assets
| Other | |||
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| £ | |||
| Cost | |||
| As at |
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| Additions |
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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4.
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 2020
5.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at |
72,075 |
| Additions | 378,485 |
| As at |
450,560 |
| Provision | |
| As at |
- |
| As at |
- |
| Net Book Value | |
| As at |
450,560 |
| As at |
72,075 |
The company 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 28/02/2020, the capital and reserves of the company were £123,733 and profit for the year was £20,593.
The company holds 100% share capital of Vocational Training Hub Limited, a company incorporated in the England and Wales. The principal activity of the company is the provision of technical and vocational secondary education services.
As at 28/02/2020, the capital and reserves of the company were -£229,308 and loss for the year was £41,975.
The company holds 65% share capital of Get Licensed Driving School Limited, a company incorporated in the England and Wales. The principal activity of the company is the provision of driving school activities.
As at 28/02/2020, the capital and reserves of the company were -£209,672 and loss for the year was £5,305.
The company holds 76% share capital of Temprovide Limited, a company incorporated in the England and Wales. The principal activity of the company is the provision of IT and marketing services.
As at 28/02/2020, the capital and reserves of the company were £96,098 and loss for the year was £10,471.
6.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| 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 | 5,392 | 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 2020
7.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| 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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| American Express Credit Card |
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| Accruals |
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| Amounts owed to group undertakings |
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Included within other creditors is an amount of £200k, which can be converted into equity under warrants issued to the investor.
8.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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9.
Obligations Under Finance Leases and Hire Purchase
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| 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
Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2020
11.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
The above loan is unsecured, interest free and repayable on demand.
12.
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.
Page 7