Capslock Education Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12202338 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

CAPSLOCK EDUCATION LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss L L Armitage

Dr A J Cullen

D W McIntyre

REGISTERED OFFICE:

Percy Westhead & Company

Hanover House

30-32 Charlotte Street

Manchester

M1 4FD

REGISTERED NUMBER:

12202338 (England and Wales)

ACCOUNTANTS:

Percy Westhead & Company

Chartered Accountants

Hanover House

30-32 Charlotte Street

Manchester

M1 4FD

FIXED ASSETS

Intangible assets

4

1,104

4,418

Tangible assets

5

13,133

10,325

14,237

14,743

CURRENT ASSETS

Debtors

6

927,634

758,993

Cash at bank

347,889

460,120

1,275,523

1,219,113

CREDITORS

Amounts falling due within one year

7

370,393

452,751

NET CURRENT ASSETS

905,130

766,362

TOTAL ASSETS LESS CURRENT LIABILITIES

919,367

781,105

CREDITORS

Amounts falling due after more than one year

8

23,707

33,746

NET ASSETS

895,660

747,359

CAPITAL AND RESERVES

Called up share capital

169

169

Share premium

845,034

845,034

Share option reserve

48,548

37,291

Retained earnings

1,909

(135,135

)

895,660

747,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 10th May 2024 and were signed on its behalf by:

Dr A J Cullen - Director

1.	STATUTORY INFORMATION

Capslock Education 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.	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.

Turnover

Revenue from the provision of training courses is measured at the consideration receivable which equates to the invoiced amounts, excluding discounts, rebates, value added tax and other sales taxes.

Invoices for training courses provided are raised on the basis of contract terms which have been agreed by the customer. Revenue is recognised in the income account over the period of the associated course or at fair value when settlement is deferred and subject to future performance obligations (e.g. in the case of Future Earnings Agreements (FEAs) or Department for Education (DfE) funding). Fair value is calculated as the net present value of the outstanding contracts at the year end.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Office equipment

-

25% on cost

Computer equipment

-

50% on cost

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.

Emi share option scheme

The company operates an EMI Share Option Scheme. The scheme provides for the purchase of shares in the company by eligible employees and is subject to vesting terms and holding conditions. The fair value is recognised over the vesting period. The amount of expense recognised takes into account the best available estimate of the number of equity instruments expected to vest under the service conditions underlying each option awarded. As a small company preparing accounts under FRS102 Section 1A no further disclosure is required.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st January 2023

and 31st December 2023

6,627

AMORTISATION

At 1st January 2023

2,209

Charge for year

3,314

At 31st December 2023

5,523

NET BOOK VALUE

At 31st December 2023

1,104

At 31st December 2022

4,418

5.	TANGIBLE FIXED ASSETS

Office

Computer

equipment

equipment

Totals

£

£

£

COST

At 1st January 2023

2,480

12,818

15,298

Additions

4,070

8,188

12,258

At 31st December 2023

6,550

21,006

27,556

DEPRECIATION

At 1st January 2023

583

4,390

4,973

Charge for year

1,345

8,105

9,450

At 31st December 2023

1,928

12,495

14,423

NET BOOK VALUE

At 31st December 2023

4,622

8,511

13,133

At 31st December 2022

1,897

8,428

10,325

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

as restated

£

£

Trade debtors

159,503

24,607

VAT

20,143

-

Deferred tax asset

59,536

96,187

Called up share capital not paid

11,107

11,107

Prepayments and accrued income

677,345

627,092

927,634

758,993

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

as restated

£

£

Bank loans and overdrafts

10,124

10,124

Trade creditors

86,336

48,840

Social security and other taxes

38,202

2,722

VAT

-

35,798

Other creditors

-

147

Accruals and deferred income

235,731

355,120

370,393

452,751

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

as restated

£

£

Bank loans - 1-2 years

10,124

10,124

Bank loans - 2-5 years

13,583

23,622

23,707

33,746