Educational Advantage Limited Filleted accounts for Companies House (small only)

EDUCATIONAL ADVANTAGE LIMITED - Company Information

6 true false false false false false false false false true false false 2021-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 20 183,995 185,077 1,217 1,217 185,212 186,294 157,547 158,629 11,403 11,403 168,950 170,032 16,262 16,262 26,448 26,448 xbrli:pure xbrli:shares iso4217:GBP 05903297 2021-04-01 2022-03-31 05903297 2022-03-31 05903297 2021-03-31 05903297 2020-04-01 2021-03-31 05903297 2021-03-31 05903297 bus:Consolidated 2021-04-01 2022-03-31 05903297 core:FurnitureFittings 2021-04-01 2022-03-31 05903297 bus:Consolidated core:FurnitureFittings 2021-04-01 2022-03-31 05903297 bus:RegisteredOffice 2021-04-01 2022-03-31 05903297 bus:Director1 2021-04-01 2022-03-31 05903297 bus:Director2 2021-04-01 2022-03-31 05903297 bus:Director3 2021-04-01 2022-03-31 05903297 bus:Consolidated 2022-03-31 05903297 core:FurnitureFittings 2021-03-31 05903297 bus:Consolidated core:FurnitureFittings 2021-03-31 05903297 bus:Consolidated 2021-03-31 05903297 core:FurnitureFittings 2022-03-31 05903297 bus:Consolidated core:FurnitureFittings 2022-03-31 05903297 bus:Consolidated 2021-03-31 05903297 bus:Consolidated core:WithinOneYear 2022-03-31 05903297 bus:Consolidated core:WithinOneYear 2021-03-31 05903297 core:WithinOneYear 2022-03-31 05903297 core:WithinOneYear 2021-03-31 05903297 bus:Consolidated core:ShareCapital 2022-03-31 05903297 bus:Consolidated core:ShareCapital 2021-03-31 05903297 bus:Consolidated core:SharePremium 2022-03-31 05903297 bus:Consolidated core:SharePremium 2021-03-31 05903297 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-03-31 05903297 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-03-31 05903297 core:ShareCapital 2022-03-31 05903297 core:ShareCapital 2021-03-31 05903297 core:SharePremium 2022-03-31 05903297 core:SharePremium 2021-03-31 05903297 core:RetainedEarningsAccumulatedLosses 2022-03-31 05903297 core:RetainedEarningsAccumulatedLosses 2021-03-31 05903297 core:FurnitureFittings 2021-03-31 05903297 bus:Consolidated core:FurnitureFittings 2021-03-31 05903297 bus:SmallEntities 2021-04-01 2022-03-31 05903297 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 05903297 bus:FullAccounts 2021-04-01 2022-03-31 05903297 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 05903297 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 05903297 core:ComputerEquipment bus:Consolidated 2021-04-01 2022-03-31 05903297 core:ComputerEquipment 2021-04-01 2022-03-31 05903297 core:ComputerEquipment bus:Consolidated 2021-03-31 05903297 core:ComputerEquipment 2021-03-31 05903297 core:ComputerEquipment bus:Consolidated 2022-03-31 05903297 core:ComputerEquipment 2022-03-31

COMPANY REGISTRATION NUMBER: 05903297

Educational Advantage Limited

Filleted Unaudited Financial Statements

31 March 2022

Educational Advantage Limited

Directors' Report

Year ended 31st March 2022

The directors present their report and the unaudited financial statements of the group for the year ended 31 March 2022 .

Principal activities

The principal activity of Educational Advantage Limited is to design, manufacture and distribute innovative, unique and quality educational products and supply them to the education trade.

Business review

The directors are delighted with the results this year. The last couple of years have been challenging, but we are fortunate to work in a very resilient market, which has been largely unaffected. We are especially pleased to maintain profitability throughout this year, especially considering the well-publicised, very high, shipping costs that the company has absorbed. This year saw the company open a subsidiary in Germany, to ensure the unhindered supply of our products into the European area. The results of our German company are now reported in the consolidated rather than the UK statement of financial position.

Directors

The directors who served the company during the year were as follows:

Mr R K Hardstaff
Mr C A Dowling
Mr D P Bell

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 December 2022 and signed on behalf of the board by:

Mr R K Hardstaff	Mr C A Dowling
Director	Director

Registered office:

Oakley House

Tetbury Road

Cirencester

Gloucestershire

GL7 1US

Educational Advantage Limited

Consolidated Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		16,262	26,448

Current assets

Stocks		564,366	501,941
Debtors	6	261,271	186,117
Cash at bank and in hand		33,666	70,691
		---------	---------
		859,303	758,749

Creditors: amounts falling due within one year	8	362,116		321,305
		---------		---------
Net current assets			497,187	437,444
			---------	---------
Total assets less current liabilities			513,449	463,892

Provisions

Taxation including deferred tax	3,090	5,025
	---------	---------
Net assets	510,359	458,867
	---------	---------

Capital and reserves

Called up share capital	500	500
Share premium account	9,900	9,900
Profit and loss account	499,959	448,467
	---------	---------
Shareholders funds	510,359	458,867
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.

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

Directors' responsibilities:

- 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 ;

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

Educational Advantage Limited

Consolidated Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 29 December 2022 , and are signed on behalf of the board by:

Mr R K Hardstaff	Mr C A Dowling
Director	Director

Company registration number: 05903297

Educational Advantage Limited

Company Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		16,262	26,448

Current assets

Stocks		379,765	501,941
Debtors	6	288,557	186,117
Investments	7	22,479	–
Cash at bank and in hand		24,663	70,691
		---------	---------
		715,464	758,749

Creditors: amounts falling due within one year	8	292,987		321,305
		---------		---------
Net current assets			422,477	437,444
			---------	---------
Total assets less current liabilities			438,739	463,892

Provisions

Taxation including deferred tax	3,090	5,025
	---------	---------
Net assets	435,649	458,867
	---------	---------

Capital and reserves

Called up share capital	500	500
Share premium account	9,900	9,900
Profit and loss account	425,249	448,467
	---------	---------
Shareholders funds	435,649	458,867
	---------	---------

The profit for the financial year of the parent company was £ 343,583 (2021: £ 680,895 ).

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

Directors' responsibilities:

- 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 ;

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

Educational Advantage Limited

Company Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 29 December 2022 , and are signed on behalf of the board by:

Mr R K Hardstaff	Mr C A Dowling
Director	Director

Company registration number: 05903297

Educational Advantage Limited

Notes to the Financial Statements

Year ended 31st March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Educational Advantage Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Moulds	-	20% straight line
Equipment	-	33% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2021: 4 ).

5. Tangible assets

Group and company	Moulds	Equipment	Total
	£	£	£
Cost
At 1st April 2021	183,995	1,082	185,077
Additions	1,217	–	1,217
	---------	-------	---------
At 31st March 2022	185,212	1,082	186,294
	---------	-------	---------
Depreciation
At 1st April 2021	157,547	1,082	158,629
Charge for the year	11,403	–	11,403
	---------	-------	---------
At 31st March 2022	168,950	1,082	170,032
	---------	-------	---------
Carrying amount
At 31st March 2022	16,262	–	16,262
	---------	-------	---------
At 31st March 2021	26,448	–	26,448
	---------	-------	---------

6. Debtors

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Trade debtors	239,157	162,455	218,780	162,455
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	23,184	47,663	23,184
Other debtors	22,114	478	22,114	478
	---------	---------	---------	---------
	261,271	186,117	288,557	186,117
	---------	---------	---------	---------

7. Investments

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Investments in group undertakings	–	–	22,479	–
	----	----	--------	----

8. Creditors: amounts falling due within one year

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Bank loans and overdrafts	–	24,318	–	24,318
Trade creditors	102,953	34,657	85,244	34,657
Amounts owed to group undertakings and undertakings in which the company has a participating interest	85,705	–	75,760	–
Corporation tax	110,649	160,131	82,519	160,131
Social security and other taxes	7,264	90,999	29,142	90,999
Other creditors	55,545	11,200	20,322	11,200
	---------	---------	---------	---------
	362,116	321,305	292,987	321,305
	---------	---------	---------	---------