The Educational Guidance Service Ltd - Period Ending 2022-08-31
The Educational Guidance Service Ltd - Period Ending 2022-08-31
Registration number:
The Educational Guidance Service Ltd
Filleted
for the Period from 1 August 2021 to 31 August 2022
The Educational Guidance Service Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
The Educational Guidance Service Ltd
Company Information
Directors |
M Hall C J Quickfall A Gough N Stephenson |
Registered office |
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Accountants |
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The Educational Guidance Service Ltd
(Registration number: 05122931)
Statement of Financial Position as at 31 August 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.
Approved and authorised for issue by the
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The Educational Guidance Service Ltd
Notes to the Unaudited Financial Statements for the Period from 1 August 2021 to 31 August 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
The company meets its day to day working capital requirements through cash generated from operations.
The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.
Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
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 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.
The Educational Guidance Service Ltd
Notes to the Unaudited Financial Statements for the Period from 1 August 2021 to 31 August 2022 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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 statement of financial position 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.
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 |
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Land and buildings - freehold |
Nil |
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Plant and machinery |
36 months straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
The Educational Guidance Service Ltd
Notes to the Unaudited Financial Statements for the Period from 1 August 2021 to 31 August 2022 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
The Educational Guidance Service Ltd
Notes to the Unaudited Financial Statements for the Period from 1 August 2021 to 31 August 2022 (continued)
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 August 2021 |
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At 31 August 2022 |
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Amortisation |
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At 1 August 2021 |
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At 31 August 2022 |
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Carrying amount |
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At 31 August 2022 |
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Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 August 2021 |
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Additions |
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Disposals |
( |
( |
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At 31 August 2022 |
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Depreciation |
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At 1 August 2021 |
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Charge for the period |
- |
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Eliminated on disposal |
- |
( |
( |
At 31 August 2022 |
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Carrying amount |
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At 31 August 2022 |
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At 31 July 2021 |
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The Educational Guidance Service Ltd
Notes to the Unaudited Financial Statements for the Period from 1 August 2021 to 31 August 2022 (continued)
Debtors |
2022 |
2021 |
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Trade debtors |
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Prepayments and accrued income |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Corporation tax liability |
3,234 |
42,811 |
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Financial commitments, guarantees and contingencies |
Amounts disclosed in the statement of financial position
Included in the statement of financial position are unpaid pension contributions of £3,721 (2021 - £Nil). The company operates a defined contributions pension scheme. The assets are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,628 (2021: £nil).
Related party transactions |
The company has taken advantage of the exemption within FRS 102 Section 1A not to disclose transactions with other wholly owned group undertakings.
The Educational Guidance Service Ltd
Notes to the Unaudited Financial Statements for the Period from 1 August 2021 to 31 August 2022 (continued)
Parent and ultimate parent undertaking |
On 22 October 2021 100% of the share capital of The Educational Guidance Service Limited was purchased by Equality Solutions Group Limited (Company number: 12821216). The registered office of Equality Solutions Group Limited is 9 Apollo Court, Koppers Way, Monkton Business Park South, Hebburn,Tyne and Wear, NE31 2ES.
A Gough is the ultimate controlling party by virtue of his ownership of the majority of the issued share capital of Equality Solutions Group Limited