Educational Advantage Limited Filleted accounts for Companies House (small only)

EDUCATIONAL ADVANTAGE LIMITED - Company Information

6 true false false false false false false false false true false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 20 185,212 186,294 909 185,212 187,203 168,950 170,032 9,357 9,657 178,307 179,689 6,905 7,514 16,262 16,262 xbrli:pure xbrli:shares iso4217:GBP 05903297 2022-04-01 2023-03-31 05903297 2023-03-31 05903297 2022-03-31 05903297 2021-04-01 2022-03-31 05903297 2022-03-31 05903297 bus:Consolidated 2022-04-01 2023-03-31 05903297 core:FurnitureFittings 2022-04-01 2023-03-31 05903297 bus:Consolidated core:FurnitureFittings 2022-04-01 2023-03-31 05903297 bus:Director1 2022-04-01 2023-03-31 05903297 bus:Director2 2022-04-01 2023-03-31 05903297 bus:Consolidated 2023-03-31 05903297 core:FurnitureFittings 2022-03-31 05903297 bus:Consolidated core:FurnitureFittings 2022-03-31 05903297 bus:Consolidated 2022-03-31 05903297 core:FurnitureFittings 2023-03-31 05903297 bus:Consolidated core:FurnitureFittings 2023-03-31 05903297 bus:Consolidated 2022-03-31 05903297 bus:Consolidated core:WithinOneYear 2023-03-31 05903297 bus:Consolidated core:WithinOneYear 2022-03-31 05903297 core:WithinOneYear 2023-03-31 05903297 core:WithinOneYear 2022-03-31 05903297 bus:Consolidated core:ShareCapital 2023-03-31 05903297 bus:Consolidated core:ShareCapital 2022-03-31 05903297 bus:Consolidated core:SharePremium 2023-03-31 05903297 bus:Consolidated core:SharePremium 2022-03-31 05903297 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-03-31 05903297 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-03-31 05903297 core:ShareCapital 2023-03-31 05903297 core:ShareCapital 2022-03-31 05903297 core:SharePremium 2023-03-31 05903297 core:SharePremium 2022-03-31 05903297 core:RetainedEarningsAccumulatedLosses 2023-03-31 05903297 core:RetainedEarningsAccumulatedLosses 2022-03-31 05903297 core:FurnitureFittings 2022-03-31 05903297 bus:Consolidated core:FurnitureFittings 2022-03-31 05903297 bus:SmallEntities 2022-04-01 2023-03-31 05903297 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05903297 bus:FullAccounts 2022-04-01 2023-03-31 05903297 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05903297 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05903297 core:ComputerEquipment bus:Consolidated 2022-04-01 2023-03-31 05903297 core:ComputerEquipment 2022-04-01 2023-03-31 05903297 core:ComputerEquipment bus:Consolidated 2022-03-31 05903297 core:ComputerEquipment 2022-03-31 05903297 core:ComputerEquipment bus:Consolidated 2023-03-31 05903297 core:ComputerEquipment 2023-03-31

COMPANY REGISTRATION NUMBER: 05903297

Educational Advantage Limited

Filleted Unaudited Financial Statements

31 March 2023

Educational Advantage Limited

Consolidated Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		7,514	16,262

Current assets

Stocks		715,536	564,366
Debtors	6	165,014	261,271
Cash at bank and in hand		155,944	33,666
		------------	---------
		1,036,494	859,303

Creditors: amounts falling due within one year	8	425,007		362,116
		------------		---------
Net current assets			611,487	497,187
			---------	---------
Total assets less current liabilities			619,001	513,449

Provisions

Taxation including deferred tax	1,879	3,090
	---------	---------
Net assets	617,122	510,359
	---------	---------

Capital and reserves

Called up share capital	500	500
Share premium account	9,900	9,900
Profit and loss account	606,722	499,959
	---------	---------
Shareholders funds	617,122	510,359
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.

For the year ending 31st March 2023 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Educational Advantage Limited

Consolidated Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 28 July 2023 , and are signed on behalf of the board by:

Mr R K Hardstaff	Mr C A Dowling
Director	Director

Company registration number: 05903297

Educational Advantage Limited

Company Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		7,514	16,262

Current assets

Stocks		515,841	379,765
Debtors	6	140,362	288,557
Investments	7	22,479	22,479
Cash at bank and in hand		94,872	24,663
		---------	---------
		773,554	715,464

Creditors: amounts falling due within one year	8	299,527		292,987
		---------		---------
Net current assets			474,027	422,477
			---------	---------
Total assets less current liabilities			481,541	438,739

Provisions

Taxation including deferred tax	1,879	3,090
	---------	---------
Net assets	479,662	435,649
	---------	---------

Capital and reserves

Called up share capital	500	500
Share premium account	9,900	9,900
Profit and loss account	469,262	425,249
	---------	---------
Shareholders funds	479,662	435,649
	---------	---------

The profit for the financial year of the parent company was £ 485,682 (2022: £ 343,583 ).

For the year ending 31st March 2023 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Educational Advantage Limited

Company Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 28 July 2023 , and are signed on behalf of the board by:

Mr R K Hardstaff	Mr C A Dowling
Director	Director

Company registration number: 05903297

Educational Advantage Limited

Notes to the Financial Statements

Year ended 31st March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Educational Advantage Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Moulds	-	20% straight line
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).

5. Tangible assets

Group and company	Moulds	Equipment	Total
	£	£	£
Cost
At 1st April 2022	185,212	1,082	186,294
Additions	–	909	909
	---------	-------	---------
At 31st March 2023	185,212	1,991	187,203
	---------	-------	---------
Depreciation
At 1st April 2022	168,950	1,082	170,032
Charge for the year	9,357	300	9,657
	---------	-------	---------
At 31st March 2023	178,307	1,382	179,689
	---------	-------	---------
Carrying amount
At 31st March 2023	6,905	609	7,514
	---------	-------	---------
At 31st March 2022	16,262	–	16,262
	---------	-------	---------

6. Debtors

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Trade debtors	165,014	239,157	140,362	218,780
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	–	–	47,663
Other debtors	–	22,114	–	22,114
	---------	---------	---------	---------
	165,014	261,271	140,362	288,557
	---------	---------	---------	---------

7. Investments

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Investments in group undertakings	–	–	22,479	22,479
	----	----	--------	--------

8. Creditors: amounts falling due within one year

	Group		Company
	2023	2022	2023	2022
	£	£	£	£
Trade creditors	141,905	102,953	51,489	85,244
Amounts owed to group undertakings and undertakings in which the company has a participating interest	70,537	85,705	70,537	75,760
Corporation tax	164,414	110,649	115,902	82,519
Social security and other taxes	23,839	7,264	40,364	29,142
Other creditors	24,312	55,545	21,235	20,322
	---------	---------	---------	---------
	425,007	362,116	299,527	292,987
	---------	---------	---------	---------