Get Licensed Limited
Get Licensed Limited
Registered number: 07154333
Financial Statements
For The Year Ended
31 December 2021
Get Licensed Limited
Financial Statements
For The Year Ended
31 December 2021
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—8 |
Get Licensed Limited
Balance Sheet
As at
31 December 2021
Balance Sheet
Registered number:
07154333
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
| 31 December 2021 | 31 December 2020 | ||||
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| 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 | 1,703,149 | 1,623,500 | |||
Get Licensed Limited
Balance Sheet (continued)
As at
31 December 2021
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 8 form part of these financial statements.
Get Licensed Limited
Notes to the Financial Statements
For The Year Ended
31 December 2021
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.
Research and Development
Expenditure on research is written off in the year it is incurred and expenditure on development is capitalised in the year it is incurred.
1.5.
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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1.6.
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.
1.7.
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.
1.8.
Comparative Period
The Comparatives for the previous period ended 31 December 2020 comprises of 10 months.
2.
Average Number of Employees
Average number of employees, including directors, during the year were 12 (2020: 12)
Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
3.
Intangible Assets
| Other | |||
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| Amortisation | |||
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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 | |
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| Depreciation | |||||
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| Provided during the period |
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| Net Book Value | |||||
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Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
5.
Investments
| Unlisted | |
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| £ | |
| Cost | |
| As at
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450,560 |
| As at
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450,560 |
| Provision | |
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- |
| As at
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| Net Book Value | |
| As at
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450,560 |
| As at
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450,560 |
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 31/12/2021, the capital and reserves of the company were £155,409 and profit for the year was £21,761.
The company holds 100% share capital of Traininghub Events 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 31/12/2021, the capital and reserves of the company were -£378,748 and profit for the year was £61,369.
The company holds 75% 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 31/12/2021, the capital and reserves of the company were -£20,535 and profit for the year was £77,850.
As at balance sheet date the Company holds 75% share capital of Devsquad Limited, a company incorporated in the England and Wales. The principal activity of the company is the provision of IT and marketing services. After the balance sheet date, the Company acquired remaining shares in Devsquad Limited and now holds 100% share capital of Temprovide Limited.
As at balance sheet date the Company holds 75% share capital of Devsquad Limited, a company incorporated in the England and Wales. The principal activity of the company is the provision of IT and marketing services. After the balance sheet date, the Company acquired remaining shares in Devsquad Limited and now holds 100% share capital of Temprovide Limited.
As at 31/12/2021, the capital and reserves of the company were £164,778 and profit for the year was £16,354.
6.
Debtors
| 31 December 2021 | 31 December 2020 | ||
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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 owed by group undertakings |
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Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
7.
Creditors: Amounts Falling Due Within One Year
| 31 December 2021 | 31 December 2020 | ||
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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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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals |
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| Directors' loan accounts | - |
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| Amounts owed to group undertakings |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 31 December 2021 | 31 December 2020 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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| Other creditors |
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Other creditors relates to a loan from Impact Assets Limited.
9.
Obligations Under Finance Leases and Hire Purchase
| 31 December 2021 | 31 December 2020 | ||
|---|---|---|---|
| £ | £ | ||
| 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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Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
11.
Related Party Transactions
Edteam Group Limited
Get Licensed Limited is a subsidiary of Edteam Group Limited.
During the year, management charges to Edteam Group Limited amounted to £0 (2020: £3,154), management charges from Edteam Group Limited amounted to £221,534 (2020: £111,060). During the year, dividends of £273,277 (2020: £150,000) were paid to Edteam Group Limited. As at balance sheet date, Edteam Group Ltd owed £22,305 (2020: £-17,188) to the Company.
Traininghub Events Limited
Traininghub Events Limited is a subsidiary of Get Licensed Limited.
During the year, management charges from Traininghub Events Limited amounted to 57,116(2020: £0). As at balance sheet date, Traininghub Events Limited owed £199,043 (2020: £187,436) to the Company.
Edequal Foundation Limited
Shahzad Ali and Madiha Adil are the trustees of Edequal Foundation Limited.
During the year, sales to Edequal Foundation Limited amounted to £0 (2020: £99,000) and charitable donations amounted to £0 (2020: £99,000).
Shahzad Ali and Madiha Adil
Shahzad Ali and Madiha Adil are directors of the company.
As at balance sheet date, the Company owed £0 (2020: £4,999) to the directors.
Devsquad Limited
Devsquad Limited is a subsidiary of Get Licensed Limited.
During the year, management charges to Devsquad Limited amounted to £0 (2020: 12,849). As at balance sheet date, Devsquad Limited owed £129,387 (2020: £66,396) to the Company.
Get Licensed Driving School Limited
Get Licensed Driving School Limited is a subsidiary of Get Licensed Limited.
During the year, management charges to Get Licensed Driving School Limited amounted to £0 (2020: £3,381). As at balance sheet date, Get Licensed Driving School Limited owed £57,440 (2020: £49,332) to the Company.
12.
Parent Undertaking and Controlling Party
As at Balance Sheet date, the company's immediate parent undertaking and ultimate controlling party is Edteam Group
Limited. Edteam Group Limited was incorporated in England & Wales. Copies of the group accounts may be obtained from the
secretary. The controlling party controls 69.75% of the shares of Get Licensed Limited.
After the Balance Sheet date, Edteam sold its shares in Get Licensed Limited reducing its shareholdings to 32.48%. After the
balance date, there were no controlling party of Get Licensed Limited.
Get Licensed Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
13.
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.