Elearningforce UK Limited 31/12/2020 iXBRL
Elearningforce UK Limited 31/12/2020 iXBRL
Company registration number:
6953125
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Directors and other information
Directors |
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(Resigned 30 June 2020) | |
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(Appointed 30 June 2020) | ||
Secretary |
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Company number |
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Registered office |
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Accountants |
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The Old Barn, Tyn y Minffordd | |||
Llanfwrog | |||
Ruthin | |||
Denbighshire | |||
LL15 2LL | |||
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Elearningforce UK Limited
Year ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elearningforce UK Limited for the year ended 31 December 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Elearningforce UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Elearningforce UK Limited and state those matters that we have agreed to state to the board of directors of Elearningforce UK Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elearningforce UK Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Elearningforce UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Elearningforce UK Limited. You consider that Elearningforce UK Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Elearningforce UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Certified Accountant
The Old Barn, Tyn y Minffordd
Llanfwrog
Ruthin
Denbighshire
LL15 2LL
15 March 2021
Statement of financial position
31 December 2020
2020 | 2019 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 4 | - |
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Current assets | |||||||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 7 |
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Net liabilities |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders deficit |
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Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
15 March 2021
, and are signed on behalf of the board by:
Director
Company registration number:
6953125
Notes to the financial statements
Year ended 31 December 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Elearningforce UK Limited, Third Floor, 207 Regent Street, London, United Kingdom, W1B 3HH.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery | - |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Defined contribution plans
4.
Tangible assets
Fixtures, fittings and equipment | Total | ||
£ | £ | ||
Cost | |||
At 1 January 2020 |
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Disposals |
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At 31 December 2020 | - | - | |
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Depreciation | |||
At 1 January 2020 |
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Disposals |
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At 31 December 2020 | - | - | |
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Carrying amount | |||
At 31 December 2020 | - | - | |
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At 31 December 2019 |
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5.
Debtors
2020 | 2019 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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6.
Creditors: amounts falling due within one year
2020 | 2019 | |||
£ | £ | |||
Trade creditors |
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Social security and other taxes |
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Other creditors |
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7.
Creditors: amounts falling due after more than one year
2020 | 2019 | |||
£ | £ | |||
Other creditors |
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Included within creditors: amounts falling due after more than one year is an amount of £ 432,057
(2019 £ 451,222 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Unsecured loan from parent company Elearningforce International Aps.
8.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | ||||
2020 | ||||
Balance brought forward | Amounts repaid | Balance o/standing | ||
£ | £ | £ | ||
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2019 | ||||
Balance brought forward | Amounts repaid | Balance o/standing | ||
£ | £ | £ | ||
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The director's loan is interest free and repayable on demand. No amounts were written off or waived.
9.
Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value | Balance owed by/(owed to) | ||||
2020 | 2019 | 2020 | 2019 | ||
£ | £ | £ | £ | ||
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29,073 |
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Elearningforce Corporation |
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7,774 |
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_______ | _______ | _______ | _______ | ||
During the year the company was charged a royalty fee of £226,831 (2019 £125,209) and interest of £12,883 (2019 £12,707) by it's parent company Elearningforce International Aps. Elearningforce Uk Ltd recharges salaries to it's parent company of £71,996 (2019 £108,843).The company also has a connected company under common control based in the US, Elearningforce US. The company has recharged salaries of £5,143 (2019 £7,774).
10.
Controlling party
The Company is ultimately controlled by
Omni Elearning 2017 Aps
as a majority shareholder of Elearningforce International Aps. The registered office is Skt. Annæ Plads 13, 3. 1250 København K,Denmark. CVR 39232766.