Learn in Dunfermline Ltd - Period Ending 2021-07-31

Learn in Dunfermline Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6
Accountants' Report	7

Learn in Dunfermline Ltd

Company Information

Directors

Mr Gerald Francis Casserly Mrs Janis Evelyn Casserly

Registered office

Unit 4B Gateway Business Park Beancross Road Grangemouth Scotland FK3 8WX

Accountants

Yates & Co CA Unit 4B Gateway Business Park Beancross Road Grangemouth FK3 8WX

Learn in Dunfermline Ltd

(Registration number: SC482838)
Balance Sheet as at 31 July 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	5	10,140	3,472
Current assets
Debtors	6	54,159	56,662
Cash at bank and in hand		9,413	27,665
		63,572	84,327
Creditors: Amounts falling due within one year	7	(16,823)	(28,050)
Net current assets		46,749	56,277
Total assets less current liabilities		56,889	59,749
Creditors: Amounts falling due after more than one year	7	(18,848)	(25,000)
Provisions for liabilities		(1,927)	(694)
Net assets		36,114	34,055
Capital and reserves
Called up share capital		100	100
Profit and loss account		36,014	33,955
Shareholders' funds		36,114	34,055

For the financial year ending 31 July 2021 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 October 2021 and signed on its behalf by:
 

......................................... Mr Gerald Francis Casserly Director

Learn in Dunfermline Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Learn in Dunfermline Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture and fittings	25% on reducing balance
Office equipment	33% on cost

Financial instruments

Classification
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.
 
 

3	Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 25 (2020 - 19).

Directors' remuneration

The directors' remuneration for the year was as follows:

	2021 £	2020 £
Remuneration	24,839	24,364

4

Taxation

The tax charge on the profit for the year was as follows:
 

	2021  £	2020  £
UK corporation tax	574	9,804
Deferred tax	1,057	(176)
Tax on profit	1,631	9,628

Learn in Dunfermline Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021

5	Tangible assets

	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 August 2020	1,167	12,952	14,119
Additions	1,982	10,244	12,226
At 31 July 2021	3,149	23,196	26,345
Depreciation
At 1 August 2020	889	9,758	10,647
Charge for the year	588	4,970	5,558
At 31 July 2021	1,477	14,728	16,205
Carrying amount
At 31 July 2021	1,672	8,468	10,140
At 31 July 2020	278	3,194	3,472

6

Debtors

	2021 £	2020 £
Trade debtors	5,515	8,018
Other debtors	48,644	48,644
	54,159	56,662

7

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	8	5,324	-
Taxation and social security		8,315	15,353
Other creditors		3,184	12,697
		16,823	28,050

Creditors: amounts falling due after more than one year

Learn in Dunfermline Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	18,848	25,000

8	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	18,848	25,000

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	5,324	-

9	Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

	2021  £	2020  £
Mr G F Casserly	496	5,298
Mrs J E Casserly	496	5,299
	992	10,597

The maximum balance outstanding during the year amounted to £10,597.

The directors current accounts are repayable on demand.

Other debtors also include an amount of £48,645 (2020: £48,645) which is owed from a related company, Kip McGrath Scotland Ltd, in which Gerald and Janis Casserly were also directors.

The above loan is repayable on demand.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Learn in Dunfermline Ltd
for the Year Ended 31 July 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Learn in Dunfermline Ltd for the year ended 31 July 2021 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Learn in Dunfermline Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Learn in Dunfermline Ltd and state those matters that we have agreed to state to the Board of Directors of Learn in Dunfermline Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Learn in Dunfermline Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Learn in Dunfermline Ltd 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 of Learn in Dunfermline Ltd. You consider that Learn in Dunfermline Ltd 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 Learn in Dunfermline Ltd. 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 statutory accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

5 October 2021