ALL_ABOARD_LEARNING_LTD - Accounts


Company registration number 06604357 (England and Wales)
ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
410,163
262,780
Tangible assets
5
77,513
3,090
487,676
265,870
Current assets
Stocks
6
12,566
20,105
Debtors
7
141,787
274,449
Cash at bank and in hand
829,406
762,183
983,759
1,056,737
Creditors: amounts falling due within one year
8
(494,409)
(278,285)
Net current assets
489,350
778,452
Total assets less current liabilities
977,026
1,044,322
Provisions for liabilities
(3,460)
(701)
Net assets
973,566
1,043,621
Capital and reserves
Called up share capital
9
50
50
Profit and loss reserves
973,516
1,043,571
Total equity
973,566
1,043,621
ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 December 2022 and are signed on its behalf by:
Mr D. H. Morgan
Director
Company Registration No. 06604357
ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information

All Aboard Learning Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 267 Banbury Road, Oxford, OX2 7HQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group, of which D Morgan Holdings Ltd is the parent, qualifies as a small group. The financial statements present information about the company as an individual entity and not about the group.

1.2
Change of company name

On 30 November 2021 the name of the company was changed to All Aboard Learning Ltd. Prior to this change, the name of the company was Oxford Learning Solutions Limited.

1.3
Reporting period

The end date for the previous reporting period was shortened from 31 August 2021 to 31 March 2021 therefore the reporting period was 7 months long instead of the standard 12 months.

 

Therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Goodwill is fully amortised in the financial statements.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Trademarks, licences (including software) and customer related intangible assets have a finite useful life and are carried at cost less accumulated depreciation and any accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents and software
Over 10 years on a straight line basis.
Development costs
Over 5 years on a straight line basis.
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
Over 4 years on a straight line basis.
Computer equipment
Over 3 years on a straight line basis.
Motor vehicles
20% per annum on a reducing balance basis.
Marine equipment
Over 10 years on a straight line basis, less 50% residual value.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cost is calculated using the first in, first out (FIFO) method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.13
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 7 -
1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
7
8
4
Intangible fixed assets
Goodwill
Patents and software
Development costs
Total
£
£
£
£
Cost
At 1 April 2021
33,237
28,503
384,658
446,398
Additions
-
0
1,191
223,549
224,740
At 31 March 2022
33,237
29,694
608,207
671,138
Amortisation and impairment
At 1 April 2021
33,237
25,926
124,455
183,618
Amortisation charged for the year
-
0
425
76,932
77,357
At 31 March 2022
33,237
26,351
201,387
260,975
Carrying amount
At 31 March 2022
-
0
3,343
406,820
410,163
At 31 March 2021
-
0
2,577
260,203
262,780
ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
5
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Marine equipment
Total
£
£
£
£
£
Cost
At 1 April 2021
265
6,564
-
0
-
0
6,829
Additions
83
3,711
44,688
39,950
88,432
At 31 March 2022
348
10,275
44,688
39,950
95,261
Depreciation and impairment
At 1 April 2021
39
3,700
-
0
-
0
3,739
Depreciation charged in the year
87
2,986
8,938
1,998
14,009
At 31 March 2022
126
6,686
8,938
1,998
17,748
Carrying amount
At 31 March 2022
222
3,589
35,750
37,952
77,513
At 31 March 2021
226
2,864
-
0
-
0
3,090
6
Stocks
2022
2021
£
£
Closing stock
12,566
20,105
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
11,463
-
0
Other debtors
127,035
272,740
Prepayments and accrued income
3,289
1,709
141,787
274,449
ALL ABOARD LEARNING LTD
(FORMERLY OXFORD LEARNING SOLUTIONS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
-
0
3,360
Amounts owed to group undertakings
398,750
-
0
Taxation and social security
1,465
100,670
Other creditors
94,194
174,255
494,409
278,285

Included within creditors are unpaid pension contributions of £1,702 (2021 - £4,707).

9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
5,000
5,000
50
50

The company has one class of ordinary shares which carry no right to fixed income.

On 14 June 2021, the company entered into a share for share exchange with D Morgan Holdings Ltd, following this D Morgan Holdings Ltd owns 100% of the share capital issued by All Aboard Learning Ltd.

10
Parent company

The parent company of All Aboard Learning Ltd is D Morgan Holdings Ltd and its registered office is 57 Kingston Road, Oxford, England, OX2 6RH.

11
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company.

2022-03-312021-04-01false02 December 2022CCH SoftwareCCH Accounts Production 2022.300The principal activity of the company continued to be that of educational support services.
Mr D. H. MorganMrs P. E. MorganMr O. J. Morgan
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