PK Education Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 11955063 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 JULY 2022

FOR

PK EDUCATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P R Gallagher

K J Housley

REGISTERED OFFICE:

7th Floor

St James House

Vicar Lane

Sheffield

S1 2EX

REGISTERED NUMBER:

11955063 (England and Wales)

ACCOUNTANTS:

Gibson Booth Limited

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

FIXED ASSETS

Intangible assets

4

44,271

50,000

Tangible assets

5

75,594

56,790

119,865

106,790

CURRENT ASSETS

Debtors

6

726,745

335,166

Cash at bank

248,264

291,941

975,009

627,107

CREDITORS

Amounts falling due within one year

7

887,073

584,681

NET CURRENT ASSETS

87,936

42,426

TOTAL ASSETS LESS CURRENT LIABILITIES

207,801

149,216

CREDITORS

Amounts falling due after more than one year

8

(80,952

)

(133,333

)

PROVISIONS FOR LIABILITIES

(2,120

)

-

NET ASSETS

124,729

15,883

CAPITAL AND RESERVES

Called up share capital

11

2

2

Capital redemption reserve

1

1

Retained earnings

124,726

15,880

SHAREHOLDERS' FUNDS

124,729

15,883

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2023 and were signed on its behalf by:

K J Housley - Director

1.	STATUTORY INFORMATION

PK Education Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The reporting period is 11 months to July 2022. The comparative figures relate to a 12 month period to August 2021. Therefore the comparatives figure are not wholly comparable to the new period.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the supply of education staff is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on completion of the contract.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Tangible fixed assets are initially stated at cost and are subsequently measured at cost or valuation less accumulated depreciation and impairment losses.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grant income

Revenue grants are recognised in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 82 (2021 - 79 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2021

and 31 July 2022

62,500

AMORTISATION

At 1 September 2021

12,500

Amortisation for period

5,729

At 31 July 2022

18,229

NET BOOK VALUE

At 31 July 2022

44,271

At 31 August 2021

50,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 September 2021

88,346

-

88,346

Additions

3,997

26,604

30,601

At 31 July 2022

92,343

26,604

118,947

DEPRECIATION

At 1 September 2021

31,556

-

31,556

Charge for period

10,643

1,154

11,797

At 31 July 2022

42,199

1,154

43,353

NET BOOK VALUE

At 31 July 2022

50,144

25,450

75,594

At 31 August 2021

56,790

-

56,790

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.8.21

£

£

Trade debtors

674,891

269,134

Other debtors

4,201

-

Directors' current accounts

-

40,330

Prepayments and accrued income

47,653

25,702

726,745

335,166

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.8.21

£

£

Bank loans and overdrafts

57,143

57,143

Trade creditors

29,303

54,153

Corporation tax

72,788

32,997

Social security and other taxes

56,976

12,159

VAT

139,646

273,729

Other creditors

447,992

91,828

Directors' current accounts

959

-

Accruals and deferred income

82,266

62,672

887,073

584,681

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.22

31.8.21

£

£

Bank loans

80,952

133,333

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.7.22

31.8.21

£

£

Within one year

71,636

54,975

Between one and five years

29,002

28,464

100,638

83,439

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.22

31.8.21

£

£

Invoice financing

430,452

-

Security by the way of a fixed and floating charge over the assets of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.22

31.8.21

value:

£

£

NIL

A Ordinary

£1

-

1

NIL

B Ordinary

£1

-

1

1,000

Ordinary A

0.1p

1

-

1,000

Ordinary B

0.1p

1

-

2

2

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 July 2022 and the year ended 31 August 2021:

31.7.22

31.8.21

£

£

P R Gallagher

Balance outstanding at start of period

9,971

19,380

Amounts advanced

72,881

58,041

Amounts repaid

(83,000

)

(67,450

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

(148

)

9,971

K J Housley

Balance outstanding at start of period

30,359

30,274

Amounts advanced

69,849

65,585

Amounts repaid

(101,020

)

(65,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

(812

)

30,359