Learning Unlimited Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07669795 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

FOR

LEARNING UNLIMITED LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms J H McGerty

Ms K J Dudley

Mr L G Griffiths

Mr J S Sutter

Ms M M Savitzky

Dr E M Kelly

REGISTERED OFFICE:

Unit 3.13 Chester House

1-3 Brixton Road

London

SW9 6DE

REGISTERED NUMBER:

07669795 (England and Wales)

AUDITORS:

Raffingers LLP, Statutory Auditor

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Tangible assets

4

6,451

1,755

CURRENT ASSETS

Stocks

1,017

562

Debtors

103,501

116,659

Cash at bank and in hand

293,903

306,434

398,421

423,655

CREDITORS

Amounts falling due within one year

213,222

248,669

NET CURRENT ASSETS

185,199

174,986

TOTAL ASSETS LESS CURRENT LIABILITIES

191,650

176,741

RESERVES

Income and expenditure account

191,650

176,741

191,650

176,741

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 April 2022 and were signed on its behalf by:

Ms J H McGerty - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts.

The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due.

In arriving at the conclusion, the directors have considered the potential implications of Brexit and the effects of COVID 19 on the company. The figures for the period under consideration have not been impacted by COVID 19 and the directors are confident that no adjustments are necessary to the carrying value of the assets held at the balance sheet date.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

15% on cost

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest.

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

Taxation

Taxation for the year 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 year 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.

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.

Significant judgements and estimates

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the

circumstances.

The items in the financial statements where these judgements and estimates have been made include:

• assessing the useful economic lives attributed to tangible fixed assets used to determine theannual depreciation charge.

Grant income

Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:

(a) the entity will comply with the conditions attaching to them; and

(b) the grants will be received.

Cash at bank

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2020

3,884

Additions

6,832

At 31 July 2021

10,716

DEPRECIATION

At 1 August 2020

2,129

Charge for year

2,136

At 31 July 2021

4,265

NET BOOK VALUE

At 31 July 2021

6,451

At 31 July 2020

1,755

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Suda Ratnam FCCA (Senior Statutory Auditor)

for and on behalf of Raffingers LLP, Statutory Auditor

6.	CONTINGENT LIABILITIES

There were no contingent liabilities at the balance sheet.

7.	CAPITAL COMMITMENTS

There were no capital commitments at the balance sheet date.

8.	OPERATING LEASE COMMITMENTS

The company has total commitments under operating lease as detailed below:

2021

2020

£

£

Due within one year

16,632

13,916

9.	RELATED PARTY DISCLOSURES

At the balance sheet date, company owed directors £371 (2020 - £371).

10.	AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 July 2021. The proportionate liability agreement follows the standard terms in Appendix 1 to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 19 January 2022.

11.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £69,691 (2020: £54,715) during the year. The company owed the fund £8,706 at the balance sheet date (2020: £8,021).