PK Education Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11955063 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 18 APRIL 2019 TO 31 AUGUST 2020

FOR

PK EDUCATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P R Gallagher

K J Housley

REGISTERED OFFICE:

7th Floor

St James House

Vicar Lane

Sheffield

S1 2EX

REGISTERED NUMBER:

11955063 (England and Wales)

ACCOUNTANTS:

Gibson Booth Limited

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

FIXED ASSETS

Intangible assets

4

56,250

Tangible assets

5

70,000

126,250

CURRENT ASSETS

Debtors

6

272,641

Cash at bank

205,908

478,549

CREDITORS

Amounts falling due within one year

7

590,372

NET CURRENT LIABILITIES

(111,823

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,427

CAPITAL AND RESERVES

Called up share capital

8

2

Capital redemption reserve

1

Retained earnings

14,424

SHAREHOLDERS' FUNDS

14,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2020 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 5 February 2021 and were signed on its behalf by:

K J Housley - Director

1.	STATUTORY INFORMATION

PK Education 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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.

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the supply of education staff is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on completion of the contract.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings - 20% reducing balance

Taxation

Taxation for the period 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.

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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The financial statements have been prepared on a going concern basis. At the time of approval the UK economy was subject to the impact of the coronavirus pandemic outbreak. Projections and forecasts have been prepared based on a number of underlying assumptions, which are subject to significant uncertainty at this time. These show that the expected income and expenditure, together with current reserves and the possibility of obtaining potential funding allows the company to continue as a going concern.

Grant income

Revenue grants are recognised in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 33 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

62,500

At 31 August 2020

62,500

AMORTISATION

Amortisation for period

6,250

At 31 August 2020

6,250

NET BOOK VALUE

At 31 August 2020

56,250

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

Additions

87,500

At 31 August 2020

87,500

DEPRECIATION

Charge for period

17,500

At 31 August 2020

17,500

NET BOOK VALUE

At 31 August 2020

70,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

186,487

Other debtors

5,963

Directors' current accounts

49,654

Prepayments and accrued income

30,537

272,641

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

65,000

Trade creditors

67,826

Corporation tax

33,315

Social security and other taxes

18,046

VAT

246,268

Other creditors

101,451

Accruals and deferred income

58,466

590,372

8.	CALLED UP SHARE CAPITAL

2 Ordinary shares of £1 were issued during the period for consideration of £1 each

9.	POST BALANCE SHEET EVENTS

The directors have considered the global pandemic in producing these financial statements. Any impacts of the pandemic on this company is considered by the directors to be a non-adjusting event for these financial statements. At the time of review, the impact on the business and results is limited.