Apex Education Training Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08672709 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

FOR

APEX EDUCATION TRAINING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K I Maynard

REGISTERED OFFICE:

Nucleus Centre

The Bridge

Dartford

Kent

DA1 5GA

REGISTERED NUMBER:

08672709 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Tangible assets

5

10,685

12,609

CURRENT ASSETS

Debtors

6

89,431

63,015

Cash at bank

257,806

229,686

347,237

292,701

CREDITORS

Amounts falling due within one year

7

134,438

117,120

NET CURRENT ASSETS

212,799

175,581

TOTAL ASSETS LESS CURRENT LIABILITIES

223,484

188,190

CREDITORS

Amounts falling due after more than one year

8

(1,881

)

(5,105

)

PROVISIONS FOR LIABILITIES

(2,557

)

(2,396

)

NET ASSETS

219,046

180,689

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

218,946

180,589

SHAREHOLDERS' FUNDS

219,046

180,689

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

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

The director acknowledges her 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 director and authorised for issue on 16 March 2023 and were signed by:

K I Maynard - Director

1.	STATUTORY INFORMATION

Apex Education Training Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. 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 presentation and disclosure requirements of Section 1A applicable to small companies, and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company has transferred from FRS 105 to FRS 102 as at 1 August 2020. Please refer to note 12 for an explanation of the transition.

Turnover

Turnover is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

The percentage of completion method is used to calculate the turnover recognised at the period end.

Turnover from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and

- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

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 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 75 (2021 - 55 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 August 2021

6,277

17,112

23,389

Additions

2,006

-

2,006

Disposals

(938

)

-

(938

)

At 31 July 2022

7,345

17,112

24,457

DEPRECIATION

At 1 August 2021

3,294

7,486

10,780

Charge for year

1,154

2,406

3,560

Eliminated on disposal

(568

)

-

(568

)

At 31 July 2022

3,880

9,892

13,772

NET BOOK VALUE

At 31 July 2022

3,465

7,220

10,685

At 31 July 2021

2,983

9,626

12,609

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 August 2021

and 31 July 2022

17,112

DEPRECIATION

At 1 August 2021

7,486

Charge for year

2,406

At 31 July 2022

9,892

NET BOOK VALUE

At 31 July 2022

7,220

At 31 July 2021

9,626

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

84,481

58,379

Other debtors

4,950

4,636

89,431

63,015

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

3,224

3,224

Taxation and social security

80,328

70,453

Other creditors

50,886

43,443

134,438

117,120

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

1,881

5,105

9.	SECURED DEBTS

The hire purchase is secured by way of a charge over the asset in which the agreement relates to.

10.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £10,407 (2021 - £4,800).

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2022 and 31 July 2021:

2022

2021

£

£

K I Maynard

Balance outstanding at start of year

(20,514

)

(26,005

)

Amounts advanced

3,846

7,500

Amounts repaid

(6,106

)

(2,009

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(22,774

)

(20,514

)

The loan from the director to the company is unsecured and repayable on demand. Interest is charged at a rate of 10% per annum from 1 August 2021 to 31 March 2022, and 12% per annum from 1 April 2022 to 31 July 2022.

12.	FIRST YEAR ADOPTION

Explanation of the change to previously reported profit and equity

a. FRS102 requires that the company to recognise a deferred tax provision for all timing differences at the reporting date. The previous years accounts to the 31st July 2021 were prepared under FRS105 which does not permit deferred tax provisions. As a result of transition, provisions have been made since the date of transition on the 1st August 2020.

b. FRS102 requires the company to recognise any services rendered by the employees that has resulted in accrued benefits, which have not been exercised at the year end. The provision has been measured at the salary cost payable for the period of absence. As a result of transition, provisions have been made since the date of transition of 1st August 2020 with the company gaining the full tax relief for the provision in the current year.