| I Teach (Wales) Limited |
| Notes to the Accounts |
| for the year ended 31 August 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources in operational existence for the foreseeable future.
The directors have undertaken a review of the company's financial position. The directors have prepared forecasts based on the anticipated level of sales and other income, that the company will be able to operate within its current level of agreed facilities for a period of at least 12 months from the date of approval of these financial statements.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
|
|
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 the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
Property, Plant & Equipment |
over 5 years |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
24 |
|
22 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Property, Plant & Equipment |
| £ |
|
Cost |
|
At 1 September 2021 |
51,788 |
|
Additions |
13,741 |
|
At 31 August 2022 |
65,529 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2021 |
17,673 |
|
Charge for the year |
12,505 |
|
At 31 August 2022 |
30,178 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2022 |
35,351 |
|
At 31 August 2021 |
34,115 |
|
|
| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
431,235 |
|
229,899 |
|
Amounts owed to related party |
|
135,445 |
|
54,268 |
|
Loan by the company to a director |
|
|
|
|
- |
|
103,865 |
|
Other debtors |
34,612 |
|
12,879 |
|
|
|
|
|
|
601,292 |
|
400,911 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans and overdrafts |
66,667 |
|
114,629 |
|
Trade creditors |
169,915 |
|
64,962 |
|
Amounts owed to related party |
|
105,162 |
|
66,412 |
|
Taxation and social security costs |
84,865 |
|
102,165 |
|
Accruals and deferred income |
2,725 |
|
77,721 |
|
Loan from the directors to the company |
22,142 |
|
- |
|
Other creditors |
1,044 |
|
5,196 |
|
|
|
|
|
|
452,520 |
|
431,085 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans |
277,777 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2022 |
|
2021 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
11,110 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
344,444 |
|
- |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by way of a fixed and floating charge over the Company's assets. |
|
|
| 8 |
Loans to/(from) director |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
A P Rosser |
|
Loan account |
103,865 |
|
1,567 |
|
(116,215) |
|
(10,783) |
|
|
|
103,865 |
|
1,567 |
|
(116,215) |
|
(10,783) |
|
|
|
|
|
|
|
|
|
|
During the year, the loan provided by the company to Mr A P Rosser, a director of the company, has been fully repaid and at the year end the company owed the director £10,783 (2021: the director owed the company £103,865). |
|
| 9 |
Related party transactions |
|
|
During the year, the company has provided services and incurred costs on behalf of a related party, Group Ed Limited, a company under common control through its majority shareholder Mr A M Cooksley. The balance due from the related party at the year end was £135,445 (2021: £54,268) as disclosed in the note above for Debtors.
The majority shareholder, Mr A M Cooksley, has provided loan funding to the company during the year and the balance owing to him at the year end was £105,162 (2021: £66,412) and this balance is disclosed in the note above for Creditors: amounts falling due within 1 year. No interest has been charged on this loan to the company. |
|
|
| 10 |
Controlling party |
|
|
The ultimate controlling party is Mr AM Cooksley by virtue of his shareholding. |
|
|
| 11 |
Other information |
|
|
I Teach (Wales) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Ocean Park House |
|
East Tyndall Street |
|
Cardiff |
|
CF24 5ET |
