Interactive Education Solutions Limited - Accounts to registrar (filleted) - small 23.2.5
Interactive Education Solutions Limited - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Interactive Education Solutions Limited |
Interactive Education Solutions Limited (Registered number: 06029246) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Interactive Education Solutions Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
14, The Oaks |
Clews Road |
Redditch |
Worcestershire |
B98 7ST |
Interactive Education Solutions Limited (Registered number: 06029246) |
Abridged Statement of Financial Position |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Revaluation reserve | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
Interactive Education Solutions Limited (Registered number: 06029246) |
Abridged Statement of Financial Position - continued |
31 March 2023 |
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 |
Interactive Education Solutions Limited (Registered number: 06029246) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Interactive Education Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
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. |
Interactive Education Solutions Limited (Registered number: 06029246) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
Revaluations |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Totals |
£ |
Valuation in 2023 | 467,500 |
Cost | 37,248 |
504,748 |
If freehold property had not been revalued they would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 318,918 | 318,918 |
Aggregate depreciation | 59,769 | 50,419 |
Value of land in freehold land and buildings | 467,500 | - |
Freehold property were valued on an open market basis on 31 March 2023 by Boot & Son Chartered Surveyors . |
5. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Interactive Education Solutions Limited (Registered number: 06029246) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | LOANS - continued |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
7. | RESERVES |
Revaluation |
reserve |
£ |
Revaluation of property | 148,583 |
At 31 March 2023 |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
31.3.23 | 31.3.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above loan is unsecured, interest has been charged at 2% (prior to 6 April 2021 2.25%) on the above loan. There were no other conditions attached. |
On 16 June 2023 the company decided to write off the director loan balance of £52,054 as irrecoverable. |
9. | RELATED PARTY DISCLOSURES |
Included within debtors are various related party balance owed by companies under common control which at the balance sheet date total £741,464 (2022: £529,504). |
Included within creditors are various related party balance owed by companies under common control which at the balance sheet date total £1,031,610 (2022: £1,065,179). |
Interactive Education Solutions Limited (Registered number: 06029246) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | POST BALANCE SHEET EVENTS |
In August 2018, unbeknown to the company and in the absence of any court documentation, a High Court Judgement in favour of Northumber PLC was purported on 3rd party websites against Interactive Eduction Solutions Limited, which was later proven to be false. After lengthy investigations HMCTS courts concluded and confirmed that no such judgement was issued against Interactive Education Solutions Limited. This has now been reported to the relevant authorities and the director is confident that appropriate action will be taken against the organisations/individuals involved. |
Included within debtors is a figure awarded to Interactive Education Solutions Limited by the high court as part settlement of legal costs incurred to date. A detailed assessment of legal costs in underway with a potential further settlement due to Interactive Eduction Solutions Limited of up to 80% of the costs. |
11. | ULTIMATE CONTROLLING PARTY |
Throughout the financial year the controlling party was Innovote Limited, a company in which the director Mrs M Kaur owns 100% of the issued share capital. |