Interactive Education Solutions Limited
Interactive Education Solutions Limited
Registered number: 06029246
Unaudited Financial Statements
For The Year Ended
31 March 2020
Interactive Education Solutions Limited
Unaudited Financial Statements
For The Year Ended
31 March 2020
Unaudited Financial Statements
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| Accountants' Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—8 |
Interactive Education Solutions Limited
Accountants' Report
For The Year Ended
31 March 2020
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of
Interactive Education Solutions Limited
For The Year Ended 31 March 2020
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Interactive Education Solutions Limited
which comprise the Profit and Loss Account, the Balance Sheet and the 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 to the director of
Interactive Education Solutions Limited
, as a body, in accordance with the terms of our engagement letter dated 24 March 2020. Our work has been undertaken solely to prepare for your approval the accounts of
Interactive Education Solutions Limited
and state those matters that we have agreed to state to the director of
Interactive Education Solutions Limited
, as a body, in this report in accordance with 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
Interactive Education Solutions Limited
and its director as a body for our work or for this report.
It is your duty to ensure that
Interactive Education Solutions Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Interactive Education Solutions Limited
. You consider that
Interactive Education Solutions 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 accounts of
Interactive Education Solutions 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 financial statements.
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Chartered Certified Accountants
e-Innovation Centre
Priorslee
Telford
Shropshire
TF2 9FT
Page 1
Interactive Education Solutions Limited
Balance Sheet
As at
31 March 2020
Balance Sheet
Registered number:
06029246
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| 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 LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (597,225) | (362,650) | |||
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Interactive Education Solutions Limited
Balance Sheet (continued)
As at
31 March 2020
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 4 to 8 form part of these financial statements.
Page 3
Interactive Education Solutions Limited
Notes to the Financial Statements
For The Year Ended
31 March 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.
Going Concern Disclosure
There was a net deficiency of assets of £597,225 at the balance sheet date, however the directors consider the company retains sufficient working capital to continue trading for the foreseeable future.
Since the balance sheet date, the company’s ability to trade has been severely impacted due to the COVID-19 outbreak. The director is taking all necessary steps to ensure the survival of the business which includes accessing government funding, and cutting costs where possible. The director has concluded that whilst a material uncertainty exists about the company’s future the director will continue efforts to secure government funding, loan finance and further cutting of costs where possible. As such the director continues to adopt the going concern basis of accounting.
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.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Interactive Education Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
1.8.
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.
1.9.
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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2020 | 2019 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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4.
Tangible Assets
| Land & Property | ||||
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| Freehold | Motor Vehicles | Fixtures & Fittings | 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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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2020 | 2019 | ||
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| £ | £ | ||
| Motor Vehicles |
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Interactive Education Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
5.
Stocks
| 2020 | 2019 | ||
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| £ | £ | ||
| Stock - finished goods |
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6.
Debtors
| 2020 | 2019 | ||
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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 |
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7.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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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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| Net wages | 957 | - | |
| 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 £95,291 (2019: £166,762) for an invoice finance facility secured by a fixed and floating charge over the company's assets.
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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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
Page 6
Interactive Education Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
| 2020 | 2019 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 106,447 | 120,975 |
9.
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.
- A fixed and floating charge over the property owned by the director.
| 2020 | 2019 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 280,470 | 197,921 |
10.
Obligations Under Finance Leases and Hire Purchase
| 2020 | 2019 | ||
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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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12.
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 £4,084 (2019: £1,672) due to the fund.
13.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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| £ | £ | £ | £ | £ | |
| Mrs Mandeesh Kaur |
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(6,275) |
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The above loan is unsecured, interest has been charged at 4% on the above loan. There were no other conditions attached.
Of the creditors due within and after more than 1 year £150,891 (2019: £150,891) is secured by a personal guarantee from the director and the directors' husband.
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Interactive Education Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
14.
Related Party Transactions
Included within debtors are various related party balances owed by companies under common control which at the balance sheet date total £729,263 (2019: £68,554).
Included within creditors are various related party balances owed by companies under common control which at the balance sheet date total £886,766 (2019: £387,169).
During the year, sales to related parties were £Nil (2019: £81,239).
During the year, purchases from related parties were £685,624 (2019: £334,031).
During the year, wages recharges to related parties were £682,323 (2019: £294,147) which are included in other income.
During the year, wages recharges from related parties were £10,509 (2019: £Nil) which are included within wages and salaries
15.
General Information
Interactive Education Solutions Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
06029246
. The registered office is Libra House, 2 Upper Zoar Street, Wolverhampton, WV3 0LA.
The financial statements are presented in pound sterling (£) and rounded to the nearest whole £.
Page 8